BEIJING, China, Jan. 23, 2025 (GLOBE NEWSWIRE) -- TuanChe Limited ("TuanChe," "Company," "we," or "our") (NASDAQ: TC), a leading automotive marketplace platform in China, announced today that on January 16, 2025, it received two notification letters from the Nasdaq Listing Qualifications Staff of The NASDAQ Stock Market LLC ("Nasdaq"). The letters notified the Company of its non-compliance with the annual meeting requirement and the minimum stockholders' equity requirement, as outlined in the Nasdaq Listing Rules (the "Rules") for continued listing on the Nasdaq stock exchange.
Under Rules 5620(a) and 5810(c)(2)(G), the Company is required to hold an annual meeting of shareholders within twelve months of the Company's fiscal year end. The Company has not yet held an annual meeting of shareholders within twelve months of December 31, 2023.
Under Rule 5550(b)(1), the Company is required to maintain a minimum of $2,500,000 in stockholders' equity for continued listing. The Company reported a stockholder's deficit of ($787,000) as of June 30, 2024, and as of today, the Company does not meet the alternative continued listing standards of market value of listed securities or net income from continuing operations.
Under the Rules, the Company has 45 calendar days to submit a plan to regain compliance. If the plan is accepted, the Company will be granted an exception until June 30, 2025 to cure the annual meeting deficiency and up to 180 calendar days from January 16, 2025 to cure the minimum stockholders' equity deficiency.
The Company, as a foreign private issuer, plans to follow its home country practice and seek an exemption from the annual general meeting requirement under the Rule 5620(a). Additionally, the Company intends to submit a plan within the required time frame to regain compliance under the Rule 5550(b).
About TuanChe Limited
Founded in 2010, TuanChe Limited (NASDAQ: TC) is China's leading automotive marketplace platform. TuanChe is dedicated to connecting automotive consumers with manufacturers, dealers, and service providers. By integrating its digital platforms with offline sales events, TuanChe offers comprehensive automotive marketing and transaction services. Through its integrated marketing strategies, TuanChe transforms individual and independent car purchases into large-scale group buying experiences, using an interactive many-to-many model. Furthermore, leveraging its proprietary data analytics and advanced digital marketing system, TuanChe's online marketing service platform helps industry customers increase the efficiency and effectiveness of their advertising placements. TuanChe is currently exploring ways to enter into the cryptocurrency sector.
Safe Harbor Statement
This announcement contains 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 include, without limitation, the Company's business plans and development, business outlook, which can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. 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. 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. The Company 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 law.
For investor and media inquiries, please contact:
TuanChe Limited
Investor Relations
Tel: +86 (10) 6397-6232
Email: ir@tuanche.com
SOURCE TuanChe Limited
