Secoo Regains Compliance with Nasdaq’s Minimum Bid Price Requirement

Rhea-AI Summary

Secoo Holding Limited (NASDAQ: SECO) announced it has regained compliance with Nasdaq Listing Rule 5550(a)(2), as confirmed by a Compliance Notice dated December 12, 2022. The Company had previously received a non-compliance letter on December 17, 2021, due to its American Depositary Shares (ADSs) trading below $1.00 for 30 consecutive business days. The latest compliance notice indicates the ADSs traded at or above $1.00 from November 28 to December 9, 2022.

Positive

• None.

Negative

• Non-compliance notice received on December 17, 2021, indicating potential risk to the Company’s listing status.

BEIJING, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Secoo Holding Limited (“Secoo” or the “Company”) (NASDAQ: SECO), Asia’s leading online integrated upscale products and services platform, today announced that it has received a written notification letter (the “Compliance Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) dated December 12, 2022, informing the Company that it has regained compliance with the Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”).

As previously disclosed, on December 17, 2021, the Company received a letter from Nasdaq indicating that the Company was not in compliance with the Listing Rules of The Nasdaq Stock Market, as the closing bid price of the American Depositary Shares (the “ADSs”) had been below US$1.00 per ADS for the previous 30 consecutive business days. According to the Compliance Notice, the closing bid price of the Company’s ADSs has been at $1.00 per ADS or greater for 10 consecutive business days from November 28 to December 9, 2022, and the Company has regained compliance with the Minimum Bid Price Requirement and the matter is closed.

About Secoo Holding Limited

Secoo Holding Limited (“Secoo”) is Asia’s leading online integrated upscale products and services platform. Secoo provides customers a wide selection of authentic upscale products and lifestyle services on the Company’s integrated online and offline shopping platform which consists of the Secoo.com website, mobile applications and offline experience centers, offering over 420,000 SKUs, covering over 3,800 global and domestic brands. Supported by the Company’s proprietary database of upscale products, authentication procedures and brand cooperation, Secoo is able to ensure the authenticity and quality of every product offered on its platform. 

For more information, please visit http://ir.secoo.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to Secoo management quotes and the Company’s financial outlook. These forward-looking statements can be identified by terminology such as “will,” “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal” and similar statements. Secoo Holding Limited may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about: the Proposed Transaction, the Company’s goals and strategies; its future business development, financial condition and results of operations; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; Chinese governmental policies relating to the Company’s industry and general economic conditions in China. For additional information on these and other important factors that could adversely affect the Company's business, financial condition, results of operations and prospects, please see its filings with the U.S. Securities and Exchange Commission.

Secoo Holding Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Secoo Holding Limited undertakes no duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
Secoo Holding Limited
Jingbo Ma
Tel: +86 10 6588-0135
E-mail:  ir@secoo.com

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail:  Secoo@tpg-ir.com

In the United States:
The Piacente Group, Inc.  
Brandi Piacente
Tel: +1-212-481-2050
E-mail:  Secoo@tpg-ir.com 

FAQ

What did Secoo announce on December 13, 2022?

Secoo announced that it has regained compliance with the Nasdaq Minimum Bid Price Requirement.

What is the Nasdaq Listing Rule 5550(a)(2)?

This rule requires companies to maintain a minimum bid price of $1.00 for their shares.

What triggered the non-compliance notice for Secoo?

Secoo received a non-compliance notice because its American Depositary Shares were below $1.00 for 30 consecutive business days.

When was Secoo's compliance regained?

Secoo regained compliance from November 28 to December 9, 2022.

What is the stock symbol for Secoo?

The stock symbol for Secoo is SECO.