Scienjoy Holding Corporation Receives Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency
Rhea-AI Summary
Scienjoy Holding (NASDAQ: SJ) has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The company's closing bid price for its Class A ordinary shares was below $1.00 for 30 consecutive business days from June 18 to July 31, 2024. Scienjoy has been granted a 180-day compliance period until January 28, 2025, to regain compliance by maintaining a closing bid price of at least $1.00 for a minimum of 10 consecutive business days.
If Scienjoy fails to meet this requirement by the deadline, it may be eligible for an additional 180-day grace period, provided it meets other Nasdaq Capital Market listing standards and expresses intention to cure the deficiency. The notification has no immediate impact on Scienjoy's listing, and its shares will continue to trade on Nasdaq under the ticker SJ.
Positive
- Scienjoy's shares continue to trade uninterrupted on Nasdaq
- Company has 180 days to regain compliance with minimum bid price requirement
- Potential for additional 180-day grace period if initial compliance period is not met
Negative
- Scienjoy's stock price has fallen below $1.00 for 30 consecutive business days
- Company is not in compliance with Nasdaq's minimum bid price requirement
- Risk of delisting if compliance is not regained within the given timeframe
News Market Reaction – SJ
On the day this news was published, SJ declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. The Notification Letter has no immediate effect on the listing of the Company's Ordinary Shares, which will continue to trade uninterrupted on Nasdaq under the ticker "SJ".
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until January 28, 2025 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company's Ordinary Shares is at least
In the event the Company does not regain compliance with the minimum bid price requirement by January 28, 2025, the Company may be eligible for an additional 180 calendar day grace period. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary.
About Scienjoy Holding Corporation
Scienjoy is a pioneering Nasdaq-listed interactive entertainment leader. Driven by the vision of shaping a metaverse lifestyle, Scienjoy leverages AI-powered technology to create immersive experiences that resonate with global audiences, fostering meaningful connections and redefining entertainment. For more information, please visit http://ir.scienjoy.com/.
Safe Harbor Statement
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission ("SEC") from time to time. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.
For investor and media inquiries, please contact:
Investor Relations Contacts
Denny Tang
Chief Financial Officer
Scienjoy Holding Corporation
+86-10-64428188
Ascent Investor Relations LLC
Tina Xiao
+1-646-932-7242
View original content:https://www.prnewswire.com/news-releases/scienjoy-holding-corporation-receives-nasdaq-notification-letter-regarding-minimum-bid-price-deficiency-302215927.html
SOURCE Scienjoy Holding Corporation
FAQ
What is Scienjoy Holding 's (SJ) current Nasdaq compliance issue?
How long does Scienjoy (SJ) have to regain compliance with Nasdaq's minimum bid price requirement?
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Will Scienjoy's (SJ) stock continue to trade on Nasdaq during the compliance period?
