Benzinga | Dec 20, 2021 05:09AM EST

Secoo Announced Receipt of Nasdaq Minimum Bid Price Deficiency Notice

Secoo Holding Limited ("Secoo" or the "Company") (NASDAQ:SECO), Asia's leading online integrated upscale products and services platform, today announced that it has received a written notification from the staff of the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") dated December 17, 2021, 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 June 15, 2022. The Company intends to monitor the closing bid price of its ADSs between now and June 15, 2022, 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.