Benzinga | Sep 24, 2021 04:46PM EDT

Weidei Announces Receipt Of NYSE Non-Compliance Letter Regarding ADS Trading Price On Aug. 31, 2021

Weidai Ltd. (the "Company" or "Weidai") (NYSE:WEI), a leading auto-backed financing solution provider in China, today announced that it has received a letter from the New York Stock Exchange (the "NYSE") dated August 31, 2021, notifying Weidai that it is below compliance standards due to the trading price of its American Depositary Shares (the "ADSs").

Pursuant to NYSE rule 802.01C, a company will be considered to be below compliance standards if the average closing price of a security as reported on the consolidated tape is less than US$1.00 over a consecutive 30 trading-day period. Once notified, the company must bring its share price and average share price back above US$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 US$1.00 and an average closing share price of at least US$1.00 over the 30 trading-day period ending on the last trading day of that month. In the event that at the expiration of the six-month cure period, both a US$1.00 closing share price on the last trading day of the cure period and a US$1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence suspension and delisting procedures.

To address this issue, the Company intends to monitor the market conditions of its listed securities and is still considering its options.