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Uxin Announces Receipt of Notification from Nasdaq

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Uxin Limited (Nasdaq: UXIN) has received a notification from Nasdaq indicating its American depositary shares (ADSs) have been trading below the minimum bid price of $1.00 for 30 consecutive business days. The company has until November 14, 2022, to regain compliance with the Nasdaq Listing Rules, which may be extended for an additional 180 days if necessary. Uxin assures that business operations remain unaffected and it will actively monitor its ADS price to meet compliance requirements.

Positive
  • Business operations remain unaffected by Nasdaq notification.
  • Uxin has a 180-day compliance period to regain Nasdaq listing requirements.
Negative
  • ADSs traded below minimum bid price of $1.00 for 30 consecutive business days.

BEIJING, May 19, 2022 (GLOBE NEWSWIRE) -- Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), a leading nationwide online used car dealer in China, today announced that it has received written notification from the staff of the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) dated May 18, 2022, indicating that for the last 30 consecutive business days, the closing bid price for 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 securities on Nasdaq.

Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until November 14, 2022, 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 a minimum of 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 November 14, 2022, subject to the determination by the staff of Nasdaq, the Company may be eligible for an additional 180-day compliance period.

The Company’s business operations are not affected by the Nasdaq notification letter. The Company intends to monitor the closing bid price of its ADSs between now and November 14, 2022 and will take all reasonable measures in order to regain compliance with the Nasdaq minimum bid price requirement.

About Uxin

Uxin Limited (Nasdaq: UXIN) is a leading nationwide online used car dealer in China. With its offerings of high-quality used cars and best-in-class purchasing services, Uxin’s mission is to enable people to buy the car of their choice online. Uxin’s one-stop online shopping mall provides consumers with a nationwide selection of value-for-money used cars, various value-added products and services as well as comprehensive aftersales services. Its online sales consultants offer professional consulting to facilitate a convenient and efficient car purchase for consumers in a timely fashion. Its comprehensive fulfillment network supports nationwide logistics and delivery as well as title transfers between different cities across China so as to fulfill these online transactions.

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and 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” and similar statements. Uxin may also make written or oral forward-looking statements in its periodic reports to the SEC, 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. Statements that are not historical facts, including statements about Uxin’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, including but not limited to the following: impact of the COVID-19 pandemic, Uxin’s goal and strategies; its expansion plans and successful completion of certain financing transactions; its future business development, financial condition and results of operations; Uxin’s expectations regarding demand for, and market acceptance of, its services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China’s used car e-commerce industry; the laws and regulations relating to Uxin’s industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Uxin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Uxin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Uxin Limited Investor Relation

Ms. Joyce Tang
Phone: +86 10 5691-6765
Email: ir@xin.com

The Blueshirt Group

Ms. Julia Qian
Phone: +1 973-619-3227
Email: Julia@blueshirtgroup.com


FAQ

What is the current status of Uxin's stock on Nasdaq?

Uxin's stock has been trading below the minimum bid price of $1.00, but the company has until November 14, 2022, to regain compliance.

What will happen if Uxin does not regain compliance by November 14, 2022?

If Uxin does not regain compliance by November 14, 2022, it may be eligible for an additional 180-day compliance period.

How is Uxin planning to address the Nasdaq notification?

Uxin intends to monitor the closing bid price of its ADSs and take measures to regain compliance.

What does the Nasdaq notification mean for Uxin's business operations?

The Nasdaq notification does not affect Uxin's business operations.

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