So-Young Announces Receipt of Minimum Bid Price Notice from Nasdaq

Rhea-AI Summary

So-Young International Inc. (Nasdaq: SY) announced it received a notification from Nasdaq regarding non-compliance with minimum bid price requirements, as its ADSs closed below $1.00 for 30 consecutive days. The company has until January 11, 2023, to regain compliance. If the ADS price reaches $1.00 for at least ten consecutive business days, Nasdaq will confirm compliance. The notification does not affect business operations, and So-Young plans to take measures to regain compliance within the grace period.

Positive

• The company can regain compliance with Nasdaq by achieving a $1.00 ADS price for ten consecutive business days within the compliance period.
• So-Young intends to take reasonable measures to ensure compliance before the deadline.

Negative

• The ADSs have been trading below the minimum requirement of $1.00, indicating potential stock price instability.
• Failure to regain compliance by January 11, 2023, may lead to Nasdaq delisting procedures.

BEIJING, July 18, 2022 (GLOBE NEWSWIRE) -- So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced that it has received a written notification from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) dated July 15, 2022, indicating that for the last 30 consecutive business days, the closing bid price of the Company’s American depositary shares (the “ADSs”) was below the minimum bid price of US$1.00 per share requirement set forth in Nasdaq Listing Rule 5450(a)(1). The Nasdaq notification letter has no current effect on the listing or trading of the Company’s ADSs on Nasdaq.

Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until January 11, 2023, to regain compliance under the Nasdaq Listing Rules. If at any time during the 180-day compliance period, the closing bid price of the Company’s ADSs is US$1.00 per share or higher for at least ten consecutive business days, Nasdaq will provide the Company written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance by January 11, 2023, subject to the determination by the staff of Nasdaq, the Company may be eligible for an additional 180-day compliance period.

The Nasdaq notification letter does not affect the Company’s business operations, and the Company will take all reasonable measures to regain compliance within the prescribed grace period.

About So-Young International Inc.

So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”) is the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry. The Company presents users with reliable information through offering high quality and trustworthy content together with a multitude of social functions on its platform, as well as by curating medical aesthetic service providers that are carefully selected and vetted. Leveraging So-Young’s strong brand image, extensive audience reach, trust from its users, highly engaging social community and data insights, the Company is well-positioned to expand both along the medical aesthetic industry value chain and into the massive, fast-growing consumption healthcare service market.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. So-Young 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 verbal statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young’s beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this announcement is as of the date of hereof, and the Company undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

Investor Relations
Ms. Vivian Xu
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: Eyuan@christensenir.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com

FAQ

What triggered the notification from Nasdaq regarding So-Young (SY)?

So-Young received a notification from Nasdaq because its ADSs traded below the minimum price of $1.00 for 30 consecutive business days.

What is the compliance period provided to So-Young by Nasdaq?

So-Young has a compliance period of 180 calendar days, ending on January 11, 2023, to regain compliance.

What happens if So-Young does not regain compliance by January 11, 2023?

If So-Young does not regain compliance, it may be eligible for an additional 180-day compliance period, but could also face delisting.

Does the Nasdaq notification affect So-Young's business operations?

No, the Nasdaq notification does not affect the company's business operations.