NYSE to Suspend Trading Immediately in Weidai Ltd. (WEI) and Commence Delisting Proceedings

Rhea-AI Summary

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 $15,000,000 over a 30 trading day period. Trading in the ADSs was already suspended as of May 16, 2022. Weidai Ltd. may appeal the delisting decision, and the NYSE will seek approval from the Securities and Exchange Commission to finalize the delisting process.

Positive

• None.

Negative

• Trading in Weidai Ltd.'s ADSs was suspended on May 16, 2022.
• The company fell below the NYSE's market capitalization requirement of $15,000,000.
• Delisting could significantly reduce liquidity and investor interest in the company's stock.

NEW YORK--(BUSINESS WIRE)-- The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the American Depositary Shares, each representing five Class A Ordinary Shares (the “ADSs”) of Weidai Ltd. (the “Company”) — ticker symbol WEI — from the Exchange. Trading in the Company’s ADSs was suspended after the market close on the NYSE on May 16, 2022.

NYSE Regulation reached its decision to delist the ADSs pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000.

The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the ADSs upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220516006032/en/

Company Contact:

In China:

Christensen

Mr. Rene Vanguestaine

Tel: +86-10-5900-1548

E-mail: rvanguestaine@christensenir.com

In US:

Christensen

Ms. Linda Bergkamp

Tel: +1-480-614-3004

E-mail: lbergkamp@christensenir.com

NYSE Contact:

NYSE Communications

PublicRelations-NYSE@ice.com

Source: NYSE Regulation

FAQ

What is happening with Weidai Ltd. (WEI) on the NYSE?

The NYSE has started the delisting process for Weidai Ltd. due to its failure to meet market capitalization requirements.

When was trading suspended for Weidai Ltd.'s ADSs?

Trading in Weidai Ltd.'s ADSs was suspended after the market closed on May 16, 2022.

Why is Weidai Ltd. being delisted from the NYSE?

Weidai Ltd. is being delisted because it fell below the NYSE's required average global market capitalization of $15,000,000 over a 30 trading day period.

Can Weidai Ltd. appeal the delisting decision?

Yes, Weidai Ltd. has the right to appeal the delisting decision by the NYSE Regulation staff.