Yunji Announces Receipt of Nasdaq Notice

Rhea-AI Summary

Yunji Inc. (NASDAQ: YJ), a social e-commerce platform in China, received notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The closing bid price of its American Depositary Shares (ADSs) has been below $1.00 for 30 consecutive days. Yunji has a 180-day grace period, until March 28, 2022, to regain compliance. The company is considering options to remedy this, including adjusting its ADS-to-Class A ordinary share ratio. The company aims to achieve a closing bid price of $1.00 or higher for ten consecutive days during this period.

Positive

• Yunji has a 180-day grace period to regain compliance, providing time to strategize.
• The company intends to monitor its ADS price proactively.

Negative

• Current ADS price is below the Nasdaq minimum requirement of $1.00.
• Failure to comply could result in delisting from Nasdaq.

HANGZHOU, China, Sept. 28, 2021 /PRNewswire/ -- Yunji Inc. ("Yunji" or the "Company") (NASDAQ: YJ), a leading membership-based social e-commerce platform, today announced that it has received written notification from the staff of the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") dated September 27, 2021, indicating that because the closing bid price of the Company's American Depositary Shares ("ADSs") for the last 30 consecutive business days was below US$1.00 per share, the Company no longer meets the Nasdaq minimum bid price requirement, set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until March 28, 2022. The Company intends to monitor the closing bid price of its ADSs between now and March 28, 2022 and is considering its options, including an adjustment of its ADS-to-Class A ordinary share ratio, in order to regain compliance with the Nasdaq minimum bid price requirement. The Company can cure this deficiency if the closing bid price of its ADSs is US$1.00 per share or higher for at least ten consecutive business days during the grace period. The Company intends to cure the deficiency within the prescribed grace period.  

About Yunji Inc.

Yunji Inc. is a leading social e-commerce platform in China that has pioneered a unique, membership-based model to leverage the power of social interactions. The Company's e-commerce platform offers high-quality products at attractive prices across a wide variety of categories catering to the day-to-day needs of Chinese consumers. In addition, the Company uses advanced technologies including big data and artificial intelligence to optimize user experience and incentivize members to promote the platform as well as share products with their social contacts. Through deliberate product curation, centralized merchandise sourcing, and efficient supply chain management, Yunji has established itself as a trustworthy e-commerce platform with high-quality products and exclusive membership benefits, including discounted prices.

For more information, please visit https://investor.yunjiglobal.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes, " "estimates," "confident," "potential," "continue" or other similar expressions. Yunji may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (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 but not limited to statements about Yunji'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: Yunji's growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China's e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China's e-commerce market; PRC governmental policies and regulations relating to Yunji's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Yunji'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 Yunji undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Yunji Inc.
Investor Relations
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957

ICR, LLC
Robin Yang
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957

View original content:https://www.prnewswire.com/news-releases/yunji-announces-receipt-of-nasdaq-notice-301386362.html

SOURCE Yunji Inc.

FAQ

What notice did Yunji (YJ) receive from Nasdaq?

Yunji received a notice indicating non-compliance with the minimum bid price requirement, as its ADS price has been below $1.00.

What is the grace period for Yunji to regain Nasdaq compliance?

Yunji has a 180-day grace period until March 28, 2022, to regain compliance with the minimum bid price requirement.

What actions is Yunji considering to meet Nasdaq's requirements?

Yunji is considering options including adjusting its ADS-to-Class A ordinary share ratio to regain compliance.

What happens if Yunji does not comply with Nasdaq requirements?

If Yunji fails to comply with the minimum bid price requirement, it may face delisting from the Nasdaq.