Huize Holding Limited Announces Receipt of Minimum Bid Price Notice from Nasdaq
On January 11, 2024, Huize Holding Limited, ("Huize" or the "Company") (NASDAQ: HUIZ), a leading digital insurance product and service platform for new generation consumers in China, announced that it has received a notification letter dated January 5, 2024 (the "Notice") from the staff of the Listing Qualifications Department of 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 Rule 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until July 3, 2024, 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 at least 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 July 3, 2024, subject to the determination by the staff of Nasdaq, the Company may be eligible for an additional 180-day compliance period if it meets 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 minimum bid price requirement. In this case, the Company 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.
The Nasdaq notification letter does not affect the Company’s business operations, and the Company will take all reasonable measures to regain compliance within the prescribed grace period.
