Token Cat Limited Announces Receipt of Minimum Bid Price Notice From Nasdaq
Token Cat (NASDAQ: TC) has received a notification from Nasdaq on March 19, 2025, indicating non-compliance with the minimum bid price requirement. The company's American depositary shares (ADS) have traded below $1.00 for 30 consecutive business days.
The company has been granted a 180-day compliance period until September 15, 2025 to regain compliance. To meet requirements, TC's closing bid price must reach at least $1.00 for a minimum of 10 consecutive business days. If unsuccessful, TC may be eligible for an additional 180-day extension if it meets other Nasdaq Capital Market listing standards.
Token Cat is considering options including adjusting its ADS-to-Class A ordinary share ratio to regain compliance. The company maintains compliance with all other Nasdaq listing standards, and this notice does not affect business operations or SEC reporting requirements.
Token Cat (NASDAQ: TC) ha ricevuto una notifica da Nasdaq il 19 marzo 2025, che indica la non conformità con il requisito del prezzo minimo di offerta. Le azioni di deposito americane (ADS) della società sono state scambiate a meno di $1,00 per 30 giorni lavorativi consecutivi.
All'azienda è stato concesso un periodo di conformità di 180 giorni fino al 15 settembre 2025 per ripristinare la conformità. Per soddisfare i requisiti, il prezzo di chiusura dell'offerta di TC deve raggiungere almeno $1,00 per un minimo di 10 giorni lavorativi consecutivi. Se non ci riesce, TC potrebbe essere idonea a un'estensione aggiuntiva di 180 giorni se soddisfa altri standard di quotazione del Nasdaq Capital Market.
Token Cat sta considerando opzioni, tra cui l'aggiustamento del rapporto tra ADS e azioni ordinarie di Classe A per ripristinare la conformità. L'azienda mantiene la conformità con tutti gli altri standard di quotazione del Nasdaq e questa notifica non influisce sulle operazioni aziendali o sui requisiti di reporting SEC.
Token Cat (NASDAQ: TC) ha recibido una notificación de Nasdaq el 19 de marzo de 2025, indicando la no conformidad con el requisito del precio mínimo de oferta. Las acciones de depósito americanas (ADS) de la compañía se han negociado por debajo de $1.00 durante 30 días hábiles consecutivos.
A la empresa se le ha concedido un período de cumplimiento de 180 días hasta el 15 de septiembre de 2025 para recuperar la conformidad. Para cumplir con los requisitos, el precio de cierre de la oferta de TC debe alcanzar al menos $1.00 durante un mínimo de 10 días hábiles consecutivos. Si no tiene éxito, TC podría ser elegible para una extensión adicional de 180 días si cumple con otros estándares de cotización del Nasdaq Capital Market.
Token Cat está considerando opciones que incluyen ajustar su relación ADS-a-acción ordinaria de Clase A para recuperar la conformidad. La empresa mantiene la conformidad con todos los demás estándares de cotización de Nasdaq, y esta notificación no afecta las operaciones comerciales ni los requisitos de informes de la SEC.
토큰 캣 (NASDAQ: TC)는 2025년 3월 19일 나스닥으로부터 최소 입찰가 요건 미준수에 대한 통지를 받았습니다. 회사의 미국 예탁주식(ADS)은 30일 연속으로 $1.00 이하로 거래되었습니다.
회사는 2025년 9월 15일까지 180일의 준수 기간을 부여받아 준수를 회복해야 합니다. 요건을 충족하기 위해 TC의 종가 입찰가는 최소 10일 연속으로 $1.00에 도달해야 합니다. 실패할 경우, TC는 다른 나스닥 자본 시장 상장 기준을 충족하는 경우 추가 180일 연장 자격이 있을 수 있습니다.
토큰 캣은 준수를 회복하기 위해 ADS와 클래스 A 보통주 비율 조정 등 여러 가지 옵션을 고려하고 있습니다. 회사는 나스닥의 다른 모든 상장 기준을 준수하고 있으며, 이 통지는 사업 운영이나 SEC 보고 요건에 영향을 미치지 않습니다.
Token Cat (NASDAQ: TC) a reçu une notification de Nasdaq le 19 mars 2025, indiquant une non-conformité au critère de prix d'offre minimum. Les actions de dépôt américaines (ADS) de la société ont été échangées en dessous de 1,00 $ pendant 30 jours ouvrables consécutifs.
La société a reçu une période de conformité de 180 jours jusqu'au 15 septembre 2025 pour rétablir la conformité. Pour répondre aux exigences, le prix de clôture de l'offre de TC doit atteindre au moins 1,00 $ pendant un minimum de 10 jours ouvrables consécutifs. En cas d'échec, TC pourrait être éligible pour une extension supplémentaire de 180 jours si elle remplit d'autres normes de cotation du Nasdaq Capital Market.
Token Cat envisage des options, y compris l'ajustement de son ratio ADS-Action ordinaire de Classe A pour rétablir la conformité. L'entreprise respecte tous les autres standards de cotation du Nasdaq, et cette notification n'affecte pas les opérations commerciales ni les exigences de reporting de la SEC.
Token Cat (NASDAQ: TC) hat am 19. März 2025 eine Benachrichtigung von Nasdaq erhalten, die auf die Nichteinhaltung des Mindestgebotspreises hinweist. Die amerikanischen Depotaktien (ADS) des Unternehmens wurden 30 aufeinanderfolgende Geschäftstage unter $1,00 gehandelt.
Dem Unternehmen wurde eine 180-tägige Compliance-Periode bis zum 15. September 2025 gewährt, um die Compliance wiederherzustellen. Um die Anforderungen zu erfüllen, muss der Schlusskurs von TC mindestens 10 aufeinanderfolgende Geschäftstage lang $1,00 erreichen. Bei Nichterfolg könnte TC für eine zusätzliche 180-tägige Verlängerung in Frage kommen, wenn es andere Anforderungen der Nasdaq Capital Market-Listing-Standards erfüllt.
Token Cat prüft Optionen, einschließlich der Anpassung des Verhältnisses von ADS zu Stammaktien der Klasse A, um die Compliance wiederherzustellen. Das Unternehmen erfüllt alle anderen Nasdaq-Listing-Standards, und diese Mitteilung hat keine Auswirkungen auf die Geschäftstätigkeit oder die Berichtspflichten der SEC.
- Company remains compliant with all other Nasdaq listing standards
- Immediate delisting is not required
- Possibility for additional 180-day extension if initial deadline isn't met
- Stock trading below $1.00 for 30 consecutive business days
- Risk of potential delisting if compliance isn't achieved
- Company may need to implement ADS ratio adjustment, potentially affecting share structure
Insights
Token Cat's receipt of a Nasdaq minimum bid price notice represents a significant compliance challenge that investors should monitor carefully. With the stock trading below $1.00 for 30 consecutive business days, the company has entered a standard regulatory remediation process that affects numerous Nasdaq-listed entities annually.
The 180-day compliance window (until September 15, 2025) provides substantial runway for remediation, with a possible additional 180-day extension if certain requirements are met. The most critical aspect for investors is that Token Cat must maintain a closing bid price of at least $1.00 for 10 consecutive business days during this period to regain compliance.
While the notice doesn't trigger immediate delisting, it initiates a formalized process with specific deadlines and requirements. The company's statement that it remains compliant with all other Nasdaq continued listing standards is moderately reassuring, as multiple compliance failures would compound regulatory concerns.
The mentioned consideration of an ADS-to-Class A ordinary share ratio adjustment represents a typical corporate response to such notices. However, such adjustments merely change the mathematical representation without addressing fundamental valuation concerns that led to the price decline.
This minimum bid price notice reflects deteriorating market perception of Token Cat, with material implications for shareholder value. The sustained sub-$1.00 trading price potentially signals broader investor concerns about the company's fundamentals or growth prospects in China's automotive marketplace sector.
The compliance remediation options available to Token Cat carry significant trade-offs. The mentioned ADS ratio adjustment would be a technical solution that mathematically increases the trading price by reducing the number of ADSs outstanding. While this approach avoids dilution, it doesn't address underlying valuation issues and often fails to sustain price improvements long-term.
From an investor perspective, the main concerns include:
- Potential future liquidity constraints if the stock eventually moves to OTC markets
- Institutional investor limitations, as many funds cannot hold non-compliant securities
- Challenging capital-raising environment if listing concerns persist
While current operations remain unaffected, the 180-day compliance window becomes a critical period for demonstrating value-creation initiatives that could organically lift the share price. Companies facing similar situations frequently experience increased volatility as compliance deadlines approach, creating both risks and tactical opportunities for different investor classes.
BEIJING, March 21, 2025 (GLOBE NEWSWIRE) -- Token Cat Limited ("Token Cat" or the "Company") (NASDAQ: TC), a leading automotive marketplace in China, today announced that it received a notification letter dated March 19, 2025 (the "Deficiency Letter") from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the "Nasdaq"), indicating that the Company is no longer in compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules as the Company's closing bid price per American depositary share ("ADS"), each representing two hundred and forty (240) Class A ordinary shares, par value US
Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until September 15, 2025 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per ADS is at least US
In the event that the Company does not regain compliance by September 15, 2025, subject to the determination by the staff of Nasdaq, it may be eligible for an additional 180 calendar days compliance period if it meets the continued listing requirements for market value of publicly held shares and all other initial listing standards, with the exception of bid price requirement, of the Nasdaq Capital Market, and provides written notice to Nasdaq of its intention to cure the deficiency.
The Company intends to monitor the closing bid price of its ADSs between now and September 15, 2025 and is considering its options, including an adjustment of its ADS-to-Class A ordinary share ratio, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. The Company is currently in compliance with all other Nasdaq continued listing standards. The Deficiency Letter does not affect the Company's business operations, its U.S. Securities and Exchange Commission reporting requirements or contractual obligations.
About Token Cat Limited
Founded in 2010, Token Cat Limited, formerly known as TuanChe Limited (NASDAQ: TC), is China's leading automotive marketplace platform. Token Cat is dedicated to connecting automotive consumers with manufacturers, dealers, and service providers. By integrating its digital platforms with offline sales events, Token Cat offers comprehensive automotive marketing and transaction services. Through its integrated marketing strategies, Token Cat transforms individual and independent car purchases into large-scale group buying experiences, using an interactive many-to-many model. Furthermore, leveraging its proprietary data analytics and advanced digital marketing system, Token Cat's online marketing service platform helps industry customers increase the efficiency and effectiveness of their advertising placements. Token Cat is currently exploring ways to enter into the cryptocurrency sector.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company's business plans and development, business outlook, which can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For investor and media inquiries, please contact:
Token Cat Limited
Investor Relations
Tel: +86 (10) 6397-6232
Email: ir@tuanche.com
FAQ
What is the deadline for Token Cat (TC) to meet Nasdaq's minimum bid price requirement?
How long must Token Cat (TC) maintain a $1.00 share price to regain Nasdaq compliance?
What happens if Token Cat (TC) fails to meet the September 2025 deadline?
What solutions is Token Cat (TC) considering to address the Nasdaq compliance issue?
