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The9 Limited Announces Receipt of Minimum Bid Price Notice From NASDAQ
SHANGHAI, Dec. 4, 2017 /PRNewswire/ -- The9 Limited (the "Company") (NASDAQ: NCTY), an online game developer and operator, today announced that it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market Inc. ("Nasdaq") on November 30, 2017 notifying the Company that the minimum bid price per American depositary share ("ADS"), each representing one ordinary share of the Company, was below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Rule 5450(a)(1) of the Nasdaq Listing Rules. The Nasdaq notification letter does not result in the immediate delisting of the Company's securities.
Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until May 29, 2018 (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 ADS is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.
In the event that the Company does not regain compliance before the expiration of the Compliance Period, the Company may transfer to the Nasdaq Capital Market where, subject to the determination by the staff of Nasdaq, it may be eligible for an additional 180 calendar day compliance period if it meets the initial listing requirements, with the exception of bid price, of the Nasdaq Capital Market, and provides written notice to Nasdaq of its intention to cure the deficiency.
About The9 Limited
The9 Limited is an online game developer and operator in China. The9 develops and/or operates, directly or through its affiliates, its proprietary mobile games and web games, including the CrossFire brand new shooting mobile game, Audition mobile, Knight Forever, Q Jiang San Guo and Wildlands God of War.
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