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The New York Stock Exchange (NYSE) has initiated proceedings to delist the American Depositary Shares (ADSs) of Weidai Ltd. (NYSE: WEI) due to the company's failure to meet the continued listing standards. Specifically, the company fell below the required average global market capitalization of
Weidai Ltd. (NYSE: WEI), a provider of auto-backed financing solutions in China, announced the filing of its annual report on Form 20-F for the fiscal year ending December 31, 2021, with the SEC on April 22, 2022. The report contains the Company's audited consolidated financial statements and is available on the SEC's website and Weidai's investor relations page. Weidai aims to transform used automobiles into investable assets, providing accessible credit to small enterprises in China.
Weidai Ltd. (NYSE: WEI) reported its financial results for 2021, indicating a total loan balance of RMB853.0 million (US$133.9 million). Net revenues reached RMB707.5 million (US$111.0 million), primarily driven by loan service fees of RMB698.8 million (US$109.7 million). The company incurred a significant net loss of RMB1,144.0 million (US$179.5 million) and a loss from operations of RMB744.1 million (US$116.8 million). Weidai is in the process of exiting the peer-to-peer lending business, with complete repayment to investors achieved by July 2021.
Weidai Ltd. (NYSE: WEI) announced it is unaware of any material changes or rumors affecting the recent unusual trading activity of its American depositary shares (ADSs) on April 1, 2022. The company, a leader in auto-backed financing solutions for small and micro enterprises in China, emphasized it typically does not comment on market activities. Weidai reassures stakeholders of its stable operational status amidst increased trading activity.
Weidai Ltd. (NYSE: WEI) announced preliminary financial results for 2021, forecasting revenue between RMB698 million and RMB708 million. The Company also expects a loss from operations of RMB744 million to RMB754 million and a net loss ranging from RMB1,144 million to RMB1,154 million. Cash and cash equivalents are anticipated to be between RMB225 million and RMB235 million. These results are preliminary and not audited, with the possibility of material changes.
Weidai Ltd. (NYSE: WEI), a prominent auto-backed financing solution provider in China, announced its compliance with NYSE listing standards after addressing a previous non-compliance issue. The company received a notification on August 31, 2021, regarding its share price falling below $1.00. To regain compliance, Weidai adjusted its ADS to share ratio from 1:1 to 1:5, effective January 26, 2022. By February 28, 2022, the average closing price for its ADSs surpassed $1.00, confirming its adherence to NYSE requirements.
Weidai Ltd. (NYSE: WEI), a premier auto-backed financing provider in China, has announced a change in the ratio of its American depositary shares (ADSs) from one ADS representing one Class A ordinary share to one ADS representing five Class A ordinary shares. This change will be effective January 26, 2022. This decision replaces the previously planned three-to-one ratio adjustment disclosed on January 13, 2022. The adjustment is expected to increase the ADS price proportionally, though the company cannot guarantee a price equal to or exceeding five times its previous value.
Weidai Ltd. (NYSE: WEI), a leader in auto-backed financing in China, announced a change in the ratio of its American depositary shares (ADSs) from one ADS representing one Class A share to one ADS representing three Class A shares, effective January 26, 2022. This alteration effectively acts as a one-for-three reverse ADS split. No action is needed from ADS holders, as the exchange will occur automatically. While the ADS price is expected to increase proportionally, the company warns there’s no assurance it will be three times the previous price.
Weidai Ltd. (NYSE: WEI) will hold its annual general meeting of shareholders on December 15, 2021, at 11:00 a.m. in Hangzhou, China. There will be no proposals for shareholder approval, as the meeting aims to facilitate discussions between shareholders and management. The record date to determine eligible shareholders is November 19, 2021. Shareholders can access the annual report for the fiscal year 2020, filed with the SEC on April 8, 2021. Weidai is recognized for its auto-backed financing solutions in China, helping small enterprises access credit.
Weidai Ltd. (NYSE: WEI), a prominent auto-backed financing provider in China, received a compliance notification from the NYSE dated August 31, 2021, noting its American Depositary Shares (ADSs) trading below the $1.00 mark for over 30 days. To comply, Weidai has six months to increase its stock price to at least $1.00 on the last trading day of that period and maintain an average of $1.00. Failure to do so will lead to suspension and potential delisting. The company is currently evaluating its options to address this issue.
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