GUANGZHOU, China, Oct. 12, 2022 (GLOBE NEWSWIRE) — LIZHI INC. (“LIZHI” or the “Company” or “We”) (NASDAQ: LIZI), an audio-based social and leisure platform, at the moment introduced that it has obtained a written notification from the employees of the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) dated October 11, 2022, indicating that for the final 30 consecutive business days, the closing bid value of the Company’s American depositary shares (the “ADSs”) was under the minimal bid value of US$1.00 per share requirement set forth in Nasdaq Listing Rule 5450(a)(1). The Nasdaq notification letter has no present impact on the itemizing or buying and selling of the Company’s ADSs on Nasdaq.
Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the Company is supplied with a compliance interval of 180 calendar days, or till April 10, 2023, to regain compliance beneath the Nasdaq Listing Rules. If, at any time in the course of the 180-day compliance interval, the closing bid value of the Company’s ADSs is US$1.00 per share or larger for no less than ten consecutive business days, Nasdaq will present the Company written affirmation of compliance, and the matter will probably be closed.
In the occasion the Company doesn’t regain compliance by April 10, 2023, topic to the dedication by the employees of Nasdaq, the Company could also be eligible for a further 180-day compliance interval if it meets the continued itemizing requirement for market worth of publicly held shares and all different preliminary itemizing requirements, with the exception of the bid value requirement, and offers written discover of its intention to remedy the deficiency.
The Nasdaq notification letter doesn’t have an effect on the Company’s business operations.
About LIZHI INC.
LIZHI INC. has created a complete audio-based social ecosystem with a worldwide presence. The Company goals to cater to customers’ pursuits in audio leisure and social networking by way of its product portfolios. LIZHI INC. envisions an audio ecosystem the place everybody may be linked and work together by way of voices. LIZHI INC. has been listed on Nasdaq since January 2020.
For extra info, please go to: http://ir.lizhi.fm.
Safe Harbor Statements
This press launch comprises forward-looking statements. These statements are made beneath the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that aren’t historic information, together with statements in regards to the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements contain inherent dangers and uncertainties, and a quantity of elements may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: LIZHI’s targets and techniques; LIZHI’s future business improvement, outcomes of operations and monetary situation; the anticipated development of the web audio market; the expectation relating to the speed at which to achieve energetic customers, particularly paying customers; LIZHI’s potential to monetize the consumer base; fluctuations typically financial and business circumstances in China and abroad markets; the affect of the COVID-19 to LIZHI’s business operations and the economy in China and elsewhere typically; any antagonistic adjustments in legal guidelines, laws, guidelines, insurance policies or pointers relevant to LIZHI; and assumptions underlying or associated to any of the foregoing. In some instances, forward-looking statements may be recognized by phrases or phrases reminiscent of “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or different comparable expressions. Further info relating to these and different dangers, uncertainties or elements is included within the Company’s filings with the Securities Exchange Commission. All info offered on this press launch is as of the date of this press launch, and the Company doesn’t undertake any responsibility to replace such info besides as required beneath relevant regulation.
For investor and media inquiries, please contact:
In China:
LIZHI INC.
IR Department
Tel: +86 (20) 3866-4265
E-mail: [email protected]
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]
