111, Inc. Announces Receipt of Notification from Nasdaq

111, Inc. (NASDAQ: YI), a tech-enabled healthcare platform company in China, has received a notification from Nasdaq on September 26, 2024.

Rhea-AI Summary

111, Inc. (NASDAQ: YI), a tech-enabled healthcare platform company in China, has received a notification from Nasdaq on September 26, 2024. The notice states that for the last 30 consecutive business days, the closing bid price of the company's American depositary shares (ADSs) was below the minimum requirement of $1.00 per share, as per Nasdaq Listing Rule 5450(a)(1).

The company has been granted a 180-day compliance period, until March 24, 2025, to regain compliance. If the closing bid price of YI's ADSs reaches $1.00 or higher for at least ten consecutive business days during this period, Nasdaq will confirm compliance in writing. If YI fails to regain compliance by March 24, 2025, it may be eligible for an additional 180-day compliance period, subject to Nasdaq staff determination.

111, Inc. assures that its business operations are not affected by this notification and intends to monitor the closing bid price of its ADSs, taking reasonable measures to regain compliance with Nasdaq's minimum bid price requirement.

Positive

• Company granted 180-day compliance period to regain Nasdaq listing requirements
• Business operations not affected by Nasdaq notification

Negative

• Company's ADS closing bid price below $1.00 for 30 consecutive business days
• Risk of potential delisting from Nasdaq if compliance is not regained

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SHANGHAI, Sept. 27, 2024 /PRNewswire/ -- 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China, today announced it has received a notification letter dated September 26, 2024 (the "Notice") from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), indicating that for the last 30 consecutive business days, the closing bid price of the Company's American depositary shares (the "ADSs") was below the minimum bid price of US$1.00 per share requirement set forth in Nasdaq Listing Rule 5450(a)(1). The Notice has no current effect on the listing or trading of the Company's ADSs on Nasdaq.

Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until March 24, 2025, to regain compliance under the Nasdaq Listing Rules. If at any time during the 180-day compliance period, the closing bid price of the Company's ADSs is US$1.00 per share or higher for a minimum of ten consecutive business days, Nasdaq will provide the Company written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance by March 24, 2025, subject to the determination by the staff of Nasdaq, the Company may be eligible for an additional 180-day compliance period.

The Company's business operations are not affected by the Nasdaq notification letter. The Company intends to monitor the closing bid price of its ADSs between now and March 24, 2025 and will take all reasonable measures in order to regain compliance with the Nasdaq minimum bid price requirement.

Forward-Looking Statements

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About 111, Inc.

111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading tech-enabled healthcare platform company committed to reshaping the value chain of healthcare industry by digitally empowering the upstream and downstream in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company's online platform, 1 Medicine, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring.

For more information on 111, please visit: http://ir.111.com.cn/. 

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SOURCE 111, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the minimum bid price requirement for 111, Inc. (YI) to maintain Nasdaq listing?

The minimum bid price requirement for 111, Inc. (YI) to maintain its Nasdaq listing is $1.00 per share, as per Nasdaq Listing Rule 5450(a)(1).

How long does 111, Inc. (YI) have to regain compliance with Nasdaq's minimum bid price requirement?

111, Inc. (YI) has been granted a 180-day compliance period, until March 24, 2025, to regain compliance with Nasdaq's minimum bid price requirement.

What happens if 111, Inc. (YI) doesn't regain compliance by March 24, 2025?

If 111, Inc. (YI) doesn't regain compliance by March 24, 2025, it may be eligible for an additional 180-day compliance period, subject to Nasdaq staff determination.

How can 111, Inc. (YI) regain compliance with Nasdaq's minimum bid price requirement?

111, Inc. (YI) can regain compliance if the closing bid price of its ADSs is $1.00 or higher for a minimum of ten consecutive business days during the compliance period.