HANGZHOU, China, Jan. 12,
2023 /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
January 11, 2023, 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 July 10, 2023. The
Company intends to monitor the closing bid price of its ADSs
between now and July 10, 2023 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 Statements
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
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SOURCE Yunji Inc.
