Uxin, a leading e-commerce service for buying and selling used cars in China, has received a compliance notification from the Nasdaq Stock Market confirming it has brought its stock minimum bid price back to the mandatory level required to avoid delisting.
Uxin said it had received the compliance notification from Nasdaq’s Listing Qualifications Department, which indicated “the company has regained compliance with the minimum bid price of $1.00 U.S. per share requirement.”
“On November 11, 2022, Nasdaq confirmed in the compliance notification that the closing bid price of the company’s ADSs [American depositary shares] has been at $1.00 per share or greater for the ten consecutive business days from October 28, 2022 through November 10, 2022. Accordingly, the company has regained compliance with Listing Rule 5450(a)(1), and the matter is closed,” the company said in a news release.
Previously, Uxin was forewarned of its noncompliance with the minimum bid price requirement for 30 consecutive business days.
The latest announcement followed a delisting warning issued by Nasdaq to another China-based proptech company, FangDD, for noncompliance with the minimum share market value rule. In June, FangDD succeeded in meeting Nasdaq’s minimum bid price law.
Uxin has been offering online used-car buying products and services since early 2018. The company recorded 125% revenue growth in the July-September period.