BEIJING, Nov. 21,
2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG)
("Cheche" or the "Company"), China's leading auto insurance technology
platform, today announced that it received a notification letter
dated November 15, 2024 (the
"Notification Letter "), from the Listing Qualifications Department
of The Nasdaq Stock Market Inc. (the "Nasdaq"), indicating that the
Company is no longer in compliance with the minimum bid price
requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing
Rules as the Company's closing bid price per Class A ordinary
share, par value US$0.00001 per
share, has been below US$1.00 for a
period of 30 consecutive business days. The Notification Letter
does not result in the immediate delisting of the Company's
securities.
The Company would like to clarify that the Notification Letter
has no current effect on the listing or trading of the Company's
securities on Nasdaq. Pursuant to Rule 5810(c)(3)(A) of the Nasdaq
Listing Rules, the Company has a compliance period of 180 calendar
days, or until May 14, 2025 (the "Compliance Period"), to
regain compliance with Nasdaq's minimum bid price requirement. If
at any time during the Compliance Period, the closing bid price per
Class A ordinary share is at least US$1.00 for a
minimum of 10 consecutive business days, Nasdaq will provide
the Company a written confirmation of compliance and the matter
will be closed.
In the event that the Company does not regain compliance by
May 14, 2025, subject to the
determination by the staff of Nasdaq, it may be eligible for an
additional 180 calendar days compliance period if it meets the
continued listing requirements for market value of publicly held
shares and all other initial listing standards, with the exception
of the bid price requirement of the Nasdaq, and provides written
notice to Nasdaq of its intention to cure for the minimum bid price
requirement.
The Company intends to monitor the closing bid price of its
Class A ordinary shares between now and May 14, 2025, and is considering its options to
regain compliance with the minimum bid price requirement under the
Nasdaq Listing Rules. The Company is currently in compliance with
all other Nasdaq continued listing standards. The Notification
Letter does not affect the Company's business operations, its
U.S. Securities and Exchange Commission reporting requirements or
contractual obligations.
Safe Harbor Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target" or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements also include, but are not limited to,
statements regarding existing and new partnerships and customer
relationships, projections, estimation, and forecasts of revenue
and other financial and performance metrics, projections of market
opportunity and expectations, the Company's ability to scale and
grow its business, the Company's advantages and expected growth,
and its ability to source and retain talent, as applicable. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of the Company's management and are not predictions of actual
performance. These statements involve risks, uncertainties, and
other factors that may cause the Company's actual results, levels
of activity, performance, or achievements to materially differ from
those expressed or implied by these forward-looking statements.
Further information regarding these and other risks, uncertainties,
or factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. Although the Company believes
that it has a reasonable basis for each forward-looking statement
contained in this press release, the Company cautions you that
these statements are based on a combination of facts and factors
currently known and projections of the future, which are inherently
uncertain. The forward-looking statements in this press release
represent the views of the Company as of the date of this press
release. Subsequent events and developments may cause those views
to change. Except as may be required by law, the Company does not
undertake any duty to update these forward-looking statements.
About Cheche Group Inc.
Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto
insurance technology platform with a nationwide network of around
108 branches licensed to distribute insurance policies across 25
provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in
auto insurance transaction services, Cheche has evolved into a
comprehensive, data-driven technology platform that offers a full
suite of services and products for digital insurance transactions
and insurance SaaS solutions in China. Learn more at
https://www.chechegroup.com/en.
Cheche Group Inc.:
IR@chechegroup.com
Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185
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SOURCE Cheche Group Inc.