SHANGHAI, China, May 11, 2022 (GLOBE NEWSWIRE) — Q&K International Group Limited (QK) (“Q&K” or the “Company”), a technology-driven long-term apartment rental platform in China, announced today that it has received written notification (the “Notification Letter”) from Nasdaq Stock Market LLC (“Nasdaq”) dated May 9, 2022 that the Company is in breach of the minimum market value of shares held by the public (“MVPHS”) set forth in the Nasdaq Rules for Continuing Listing on the Nasdaq Global Market. Nasdaq listing rule 5450(b)(3)(C) requires companies to maintain a minimum MVPHS of US$15 million, and listing rule 5810(c)(3)(D) requires that companies maintain a minimum MVPHS of US$15 million. ‘there is a non-compliance with the MVPHS requirement if the shortfall continues for a period of 30 consecutive business days. Based on the Company’s MVPHS for the 30 consecutive business days from March 25, 2022 through May 6, 2022, the Company no longer meets the minimum MVPHS requirement. This notification does not affect the listing and trading of the Company’s securities at this time.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(D), the Company has a compliance period of 180 calendar days (or until November 7, 2022) to reestablish compliance. If, at any time during this compliance period, the company’s MVPHS closes at US$15 million or more for at least ten consecutive business days, Nasdaq will notify the company that it has achieved compliance with the MVPHS requirement, and the MVPHS case will be closed.
In the event that the Company does not return to compliance with Rule 5450(b)(3)(C) prior to the expiration of the compliance period, it will receive written notice that its securities are subject to delisting. Alternatively, the Company may consider requesting the transfer of its securities to the Nasdaq Capital Market.
The business activities of the Company are not affected by the receipt of the notification letter.
Q&K International Group Limited (QK) is a technology-driven long-term apartment rental platform in China. The company provides young, emerging urban residents with conveniently located, move-in-ready and affordable branded apartments, as well as a variety of value-added services. Q&K relies on advanced computer and mobile technologies to manage rental apartments in different cities in China. Technology is at the core of Q&K’s business and is applied to its operational process, from apartment sourcing, renovation and tenant acquisition to property management. The focus on technology enables Q&K to operate a large, dispersed and rapidly growing apartment portfolio with high operational efficiency and deliver a superior user experience.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation. Reform Act. 1995. These forward-looking statements can be identified by words such as “will”, “expect”, “anticipate”, “future”, “intend”, “plan”, “believe”, ” esteem” and similar statements. Among other things, management’s quotes in this press release and the operations and business prospects of the Company and its subsidiaries (collectively, the “Group”) contain forward-looking statements. Such statements involve certain risks, uncertainties and other factors that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Group’s ability to access timely financing on favorable terms and to maintain and develop its cooperation with financial institutions; the Group’s ability to continue operations in the future or to achieve or maintain profitability; the Group’s ability to respond effectively to challenges and uncertainties resulting from the COVID-19 pandemic and other epidemics and disasters; the Group’s ability to control the quality of its operations, including the operation of rental apartments managed by third-party service providers; the Group’s ability to manage its growth; the Group’s ability to integrate strategic investments, acquisitions and new business initiatives; the Group’s ability to attract and retain tenants and landlords, including tenants and landlords of its acquired leases; the Group’s ability to resolve disputes with third parties; the Group’s ability to manage its brand and reputation; the Group’s objective and strategies; the Group’s limited operating history; the Group’s ability to compete effectively; and assumptions underlying or relating to any of the foregoing. Further information regarding these and other risks is included in the Group’s filings with the United States Securities and Exchange Commission. Except as required by law, the Group assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.
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Questions and answers
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Mr. René Vanguestaine
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Mrs. Linda Bergkamp
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