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Ucommune International Ltd (NASDAQ: UK) is a premier flexible office space provider and manager headquartered in the People's Republic of China (PRC). Founded in 2015, the company offers a range of office leasing solutions including long-term, on-demand, and short-term options. These solutions cater to freelancers, start-ups, small and medium enterprises (SMEs), and large corporations. Ucommune stands out by providing fully-serviced and well-furnished office spaces on a flexible basis, thereby empowering its members with cost-efficient workspace solutions.
The company operates through three primary segments: Workspace Membership, Marketing and Branding Services, and Other Services. The Marketing and Branding Services segment generates the majority of the company's revenue.
Ucommune's innovative approach includes the creation of a large-scale intelligent office ecosystem across economically vibrant regions in China. The company engages in urban transformation by converting older and under-utilized buildings into modern office spaces, thereby redefining the commercial real estate landscape.
The company received a Notification Letter from Nasdaq in July 2023, indicating non-compliance with the minimum bid price requirement. However, this does not impact its current listing, and Ucommune has until January 2024 to regain compliance.
In October 2023, Ucommune announced a strategic cooperation with Plateno Hotel Management to integrate co-working spaces within hotel settings, marking a significant step towards diversified service offerings. This collaboration aims to merge hotel amenities with co-working facilities to introduce innovative workspace solutions.
Recently, Ucommune held an extraordinary general meeting to approve significant changes, including a share consolidation and an increase in authorized share capital. These changes are designed to enhance the company's financial structure and investor appeal.
In December 2023, Ucommune announced a strategic cooperation with New World Development (Wuhan) Limited and launched the New World International Trade • Ucommune II project. This initiative aims to meet the evolving needs of customers in the post-pandemic era by offering high-standard office scenarios and comprehensive services.
Ucommune continues to adapt to market trends and innovate within the office space sector, providing robust solutions to its members and business partners. For investor and media inquiries, please contact ir@ucommune.com.
Ucommune International Ltd (NASDAQ: UK) held an extraordinary general meeting on August 24, 2022, in Beijing, where shareholders approved an amendment to the voting rights of Class B ordinary shares. The voting power for each Class B share increased from 15 to 35 votes. This change means each Class A share retains one vote, while Class B shares will significantly enhance their voting influence in company decisions. This amendment was previously approved by Class B shareholders on August 2, 2022.
Ucommune International Ltd (NASDAQ: UK) announced the adjournment of its extraordinary general meeting originally held on August 19, 2022. The adjourned meeting is set for August 24, 2022. The purpose is to amend the voting power of Class B ordinary shares from 15 votes to 35 votes each. Shareholders approved the adjournment to allow further discussion on this amendment. The record date for determining eligible shareholders was August 2, 2022. Ucommune is a leading agile office space manager in China, offering flexible office solutions in economically vibrant regions.
Ucommune International Ltd (NASDAQ: UK) announced an extraordinary general meeting on August 19, 2022, at 10 A.M. Beijing time. The meeting's purpose is to amend the voting power of Class B ordinary shares from 15 votes to 35 votes per share. The record date for determining shareholders eligible to vote is August 2, 2022. Ucommune, a prominent agile office space manager in China, aims to enhance its capital structure and strengthen shareholder influence through this change.
Ucommune International Ltd. (NASDAQ: UK) has partnered with Langfang Rongshang Business Management to develop a 47,600 square meter office space project in Langfang, Hebei, which will feature 5G network coverage. The project will add 692 office desks to Ucommune's capacity and includes facilities like conference rooms and online booking services. Expected to enhance local commercial activity, the project is strategically located near transport links and amenities. The collaboration leverages Rongshang's extensive experience in property management across over 25 cities in China.
Ucommune International Ltd. (NASDAQ: UK) filed its annual report on Form 20-F for the fiscal year ended December 31, 2021, with the SEC on May 10, 2022. The report includes audited consolidated financial statements, accessible via the SEC's website or Ucommune's investor relations page. Ucommune, a prominent agile office space manager in China, offers flexible office solutions through various self-operated and asset-light models. Founded in 2015, the company aims to redefine commercial real estate in China by transforming older buildings into efficient office spaces.
Ucommune International Ltd. (NASDAQ: UK) reported its fourth quarter and full year financial results for 2021, revealing a net revenue increase of 8.7% to RMB303.0 million (US$47.5 million), but a significant net loss of RMB1,697.6 million (US$266.4 million). Adjusted net loss was RMB156.0 million (US$24.5 million). The company expanded its asset-light business model with a 32% increase in contracted spaces and a 77% rise in managed area. Looking ahead, Ucommune anticipates first quarter 2022 revenues between RMB130 million and RMB150 million.
Ucommune International Ltd. (NASDAQ: UK) announced that its shareholders approved a share consolidation during an extraordinary meeting held on April 21, 2022. The consolidation will convert every 20 ordinary shares into one ordinary share, effective at 5 P.M. U.S. Eastern time on the same day. Following this, trading will commence on a post-consolidation basis under the same symbol 'UK'. The authorized share capital will adjust to US$50,000 with a total of 25 million ordinary shares post-consolidation.
Ucommune International Ltd (NASDAQ: UK) has scheduled an extraordinary general meeting on April 21, 2022, in Beijing to discuss a proposed share consolidation of 20 ordinary shares into one ordinary share. The record date for shareholders to vote is March 29, 2022. If approved, the consolidation will take effect on April 21, 2022, with trading on a post-consolidation basis expected to begin the following business day. The authorized share capital will comprise 25 million ordinary shares, including 20 million Class A shares and 5 million Class B shares.
Ucommune International Ltd. (NASDAQ: UK) announced a partnership with Xincheng Enterprise Management to jointly develop the Shenfu-Ucommune Digital Economy Industrial Park in Liaoning, China. The project spans 39,066 square meters and aims to enhance Ucommune's asset-light business model. Cooperation began on January 1, 2022, and will continue until December 31, 2026. Ucommune will provide operational services and digital management solutions, contributing to the growing digital economy within the innovation zone approved by China's State Council.
Ucommune International Ltd. (NASDAQ: UK) announced on February 3, 2022, that it received a notification from Nasdaq regarding a non-compliance with the minimum bid price rule. The Company failed to maintain a bid price of at least US$1.00 for 30 consecutive business days, specifically from December 8, 2021, to January 21, 2022. Ucommune has 180 days to regain compliance, which requires a closing bid price of at least US$1.00 for 10 consecutive days. The Company may consider options such as a reverse share split to comply but states its operations remain unaffected by this notification.
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