The New York Stock Exchange has endorsed the compliance standards of Renren, a leading premium used for Auto Business in China, due to the trading price of American Depositary Shares (ADI). According to the PR News Wire News Agency, the company has confirmed that it has received a receipt from NYSE dated April 9, 2020 notifying compliance standard of Renren.
According to the NYSE rule 802.01C, a company would be considered below the compliance standards of the NYSE, if the average closing price of security of the company is less than $1.00 for a month. After the formal notification, the company must make necessary arrangements to increase its share price above $1.00 for consecutive 180 days after receiving the notifications.
However, the company can regain its standard compliance at any time during the 180 day period, if it has the closing share and average closing share price of at least $1.00 continuously a month. In order to cope up with this issue, Renren indicates that it will strictly monitor the market conditions of all its listed securities and the company is still considering all its options.
The company operates a leading premium used auto business in China via its subsidiary Kiaxin Auto Holdings and it also uses several US-bases Software as a service Business. The Company’s depositary shares traded on the NYSE under the symbol “RENN”.
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,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Renren may also make written or oral forward-looking statements in its filings with 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 statements about Renren’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in our annual report on Form 20-F, the 6-K referred to above and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and Renren does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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