FLJ Receives NASDAQ Notification Regarding Minimum Bid Price Deficiency
June 28 2023 - 5:00AM
FLJ Group Limited (NASDAQ: FLJ) (“FLJ” or the “Company”), a leading
technology-driven long-term apartment rental platform in China,
announced today that it has received a written notification (the
“Notification Letter”) from the Nasdaq Stock Market LLC (“Nasdaq”)
dated June 27, 2023 indicating that the Company is not in
compliance with the minimum bid price requirement set forth in the
Nasdaq Rules for continued listing on the Nasdaq Global Market.
Nasdaq Listing Rule 5450(a)(1) requires companies to maintain a
minimum bid price of $1 per share, and Listing Rule 5810(c)(3)(A)
provides that a failure to meet the minimum bid price requirement
exists if the deficiency continues for a period of 30 consecutive
business days. Based on the bid price of the Company for the 30
consecutive business days May 12 through June 26, 2023, the Company
no longer meets the minimum bid price requirement. This
notification does not impact the listing and trading of the
Company’s securities at this time.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A),
the Company has a compliance period of 180 calendar days (or until
December 26, 2023) to regain compliance. If at any time during this
180 day period the closing bid price of the Company’s security is
at least $1 for a minimum of ten consecutive business days, Nasdaq
will provide the Company written confirmation of compliance and
this matter will be closed.
In the event the Company does not regain
compliance with Rule 5450(a)(1) prior to the expiration of the
compliance period, the Company may be eligible for additional time
to regain compliance or may face delisting.
The Company's business operations are not
affected by the receipt of the Notification Letter.
About FLJ Group Limited
FLJ Group Limited, formerly known as Q&K
International Group Limited, is a leading technology-driven
long-term apartment rental platform in China. The Company offers
young, emerging urban residents conveniently-located,
ready-to-move-in, and affordable branded apartments as well as
facilitates a variety of value-added services. The Company
leverages advanced IT and mobile technologies to manage rental
apartments in various cities in China. Technology is the core of
the Company’s business and is applied to its operational process
from apartment sourcing, renovation, and tenant acquisition, to
property management. The focus on technology enables the Company to
operate a large, dispersed, and fast-growing portfolio of
apartments with high operational efficiency and deliver a superior
user experience.
Safe Harbor Statement
This press release contains forward-looking
statements. These statements constitute “forward-looking”
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in 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. Among other things, the
quotations from management in this press release and the Company
and its subsidiaries’ (collectively, the “Group”) operations and
business outlook contain forward-looking statements. Such
statements involve certain risks, uncertainties and other factors
that could cause actual results to differ materially from those in
the forward-looking statements. These risks and uncertainties
include, but are not limited to the following: the Group’s ability
to access financing on favorable terms in a timely manner and
maintain and expand its cooperation with financial institutions;
the Group’s ability to continue as a going concern in the future or
achieve or maintain profitability; the Group’s ability to
effectively respond to the challenges and uncertainties resulting
from the COVID-19 pandemic and other outbreaks and catastrophes;
the Group’s ability to control the quality of its operations,
including the operation of the rental apartments managed by
third-party contractors; the Group’s ability to manage its growth;
the Group’s ability to integrate strategic investments,
acquisitions and new business initiatives; the Group’s ability to
attract and retain tenants and landlords, including tenants and
landlords from its acquired lease contracts; the Group’s ability to
resolve disputes with third parties; the Group’s ability to manage
its brand and reputation; the Group’s goal and strategies; the
Group’s limited operating history; the Group’s ability to compete
effectively; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in the Group’s filings with the U.S. Securities and
Exchange Commission. Except as required by law, the Group does not
undertake any obligation to update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
For investor and media inquiries, please
contact:
FLJ Group LimitedE-mail: ir@qk365.com
ChristensenIn ChinaMr. Rene VanguestainePhone:
+86-10-5900-1548E-mail: rene.vanguestaine@christensencomms.com
In the U.S.Ms. Linda BergkampPhone: +1-480-614-3004Email:
linda.bergkamp@christensencomms.com
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