HANGZHOU, China, Nov. 18, 2020 /PRNewswire/ -- Weidai Ltd. (the
"Company" or "Weidai") (NYSE: WEI), a leading auto-backed financing
solution provider in China, today
announced that it has regained compliance after it received a
letter from the New York Stock Exchange (the "NYSE") dated
October 20, 2020, notifying Weidai
that it was below compliance standards due to the trading price of
Weidai's American depositary shares (the "ADSs").
On October 20, 2020, the Company
received a NYSE letter notifying that Weidai had fallen below the
NYSE's price criteria for continued listing standard of a minimum
ADS price of $1.00 over a consecutive
30 trading-day period. Pursuant to NYSE rule 802.01C, the company
must bring its share price and average share price back above
$1.00 by six months following receipt
of the notification. The company can regain compliance at any time
during the six-month cure period if on the last trading day of any
calendar month during the cure period the company has a closing
share price of at least $1.00 and an
average closing share price of at least $1.00 over the 30 trading-day period ending on
the last trading day of that month.
On November 2, 2020, the Company
received a confirmation from the NYSE that it had regained
compliance with continued listing standards after the average
closing price for its ADSs for the consecutive 30-trading-day
period ended October 30, 2020
exceeded $1.00.
About Weidai Ltd.
Weidai Ltd. is a pioneer and leading auto-backed financing
solution provider in China
supported by sophisticated and effective risk management system and
technology. The Company transforms used automobiles, a type of
"non-standard" collateral, into investable assets, to provide
accessible credit for China's
small and micro enterprises, and connects the borrowers with
institutional funding partners through its platform.
For more information, please visit
http://weidai.investorroom.com/.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of 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," "target," "confident" and similar statements. Weidai
may also make written or oral forward-looking statements in its
periodic reports to 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 Weidai's beliefs and expectations, are
forward-looking statements. Such statements are based upon
management's current expectations and current market and operating
conditions, and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond the Company's control.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. Potential risks and
uncertainties include, but are not limited the following: Weidai's
goal and strategies; Weidai's expansion plans; Weidai's future
business development, financial condition and results of
operations; Weidai's expectations regarding demand for, and market
acceptance of, its solutions and services; Weidai's expectations
regarding keeping and strengthening its relationships with
borrowers, investors and financial institutions and other platform
participants; general economic and business conditions; Weidai's
assumptions underlying or related to any of the foregoing
regulations and governmental policies relating to the online
consumer finance industry in China; and Weidai's ability to meet the
standards necessary to maintain listing of its ADSs on the NYSE,
including its ability to cure any non-compliance with the NYSE's
continued listing criteria. 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. All
information provided in this press release is as of the date of
this press release, and Weidai does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
For investor and media inquiries, please contact:
In China:
Christensen
Mr. Rene Vanguestaine
Tel: +86-10-5900-1548
E-mail: rvanguestaine@christensenir.com
In US:
Christensen
Ms. Linda Bergkamp
Tel: +1-480-614-3004
E-mail: lbergkamp@christensenir.com
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SOURCE Weidai Ltd.