BEST Inc. Receives Notification from NYSE Regarding Delayed Filing of Semi-Annual Financial Information for the Half Year Ended June 30, 2024

Rhea-AI Summary

BEST Inc. (NYSE: BEST) has received a notice from the NYSE Regulation on January 6, 2025, indicating non-compliance with continued listing requirements due to delayed filing of its Form 6-K containing semi-annual financial information for the half year ended June 30, 2024. The company attributes the delay to its focus on a previously announced going private transaction. Upon completion of the privatization, BEST will transition to a privately held company, and its Class A ordinary shares will be delisted from the NYSE.

Positive

• None.

Negative

• Non-compliance with NYSE listing requirements due to delayed financial filing
• Pending delisting from NYSE due to privatization
• Failure to file semi-annual financial information for H1 2024

News Market Reaction – BEST

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HANGZHOU, China, Jan. 10, 2025 /PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST" or the "Company"), a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia, today announced that, on January 6, 2025, the Company received a notice from the New York Stock Exchange (the "NYSE") Regulation stating that it is not in compliance with the NYSE's continued listing requirements under the timely filing criteria pursuant to Section 802.01E of the NYSE Listed Company Manual (the "Continued Listing Criteria") as a result of the Company's failure to timely file its Form 6-K containing semi-annual financial information for the half year ended June 30, 2024 (the "1H 2024 6-K") with the U.S. Securities and Exchange Commission (the "SEC").

The Company has not yet filed the 1H 2024 6-K with the SEC because it has focused its resources on its previously announced going private transaction. Upon completion of the privatization, the Company will become a privately held company and its Class A ordinary shares would no longer be listed on the NYSE.

ABOUT BEST INC.

BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in China and SEA. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-added services, including freight delivery, supply chain management and global logistics services. BEST's mission is to empower business and enrich life by leveraging technology and business model innovation to create a smarter, more efficient supply chain. For more information, please visit: http://www.best-inc.com/en/.

View original content:https://www.prnewswire.com/news-releases/best-inc-receives-notification-from-nyse-regarding-delayed-filing-of-semi-annual-financial-information-for-the-half-year-ended-june-30-2024-302347743.html

SOURCE BEST Inc.

FAQ

Why is BEST Inc. being delisted from NYSE in 2025?

BEST Inc. is being delisted due to a planned privatization transaction and non-compliance with NYSE listing requirements for failing to file its H1 2024 financial information on time.

What happens to BEST stock after the privatization is complete?

After privatization is complete, BEST will become a privately held company and its Class A ordinary shares will no longer be listed or traded on the NYSE.

What NYSE compliance issue did BEST Inc. face in January 2025?

BEST Inc. received a notice from NYSE on January 6, 2025, stating non-compliance with Section 802.01E of NYSE Listed Company Manual due to failure to timely file Form 6-K with H1 2024 financial information.

Why did BEST Inc. delay filing its H1 2024 financial report?

BEST Inc. delayed filing its H1 2024 financial report because it focused its resources on its previously announced going private transaction.