Benzinga | Nov 18, 2020 05:26AM EST

Weidai Announced it Regained Compliance after Receipt of NYSE Non-compliance Letter Regarding ADS Trading Price on October 20, 2020

Weidai Ltd. (the "Company" or "Weidai") (NYSE:WEI) 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.