Smart Share Global Limited has regained compliance with Nasdaq's minimum bid price requirement, confirmed by a notification on January 31, 2025.
Quiver AI Summary
Smart Share Global Limited, also known as Energy Monster, announced on February 3, 2025, that it has regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share. This notification followed a previous compliance issue where the company's American Depositary Shares (ADSs) had been priced below this threshold for 30 consecutive business days. After being given a compliance window of 180 days, Nasdaq confirmed that the bid price had been at or above $1.00 for the necessary 10 consecutive business days leading up to the notification. Smart Share Global Limited, a leading provider of mobile device charging services in China, continues to expand its services through the extensive availability of its power banks across various public locations.
Potential Positives
- Smart Share Global Limited has regained compliance with Nasdaq's minimum bid price requirement, indicating improved market performance and investor confidence.
- The company's shares closed at or above the required $1.00 bid price for 10 consecutive business days, reflecting positive trading activity and potential stability.
- As the largest provider of mobile device charging services in China, the company's strong market position supports its continued growth and operational success.
- The press release highlights the company's extensive network of 9.5 million power banks across 1,267,000 points of interest, emphasizing its significant market presence and consumer accessibility.
Potential Negatives
- Regaining compliance with Nasdaq's minimum bid price requirement indicates a prior period of underperformance, raising concerns about the company's stock stability and investor confidence.
- The earlier non-compliance notification highlights ongoing volatility in stock price and suggests challenges in maintaining investor interest.
- The press release primarily focuses on compliance with regulations, potentially indicating greater underlying financial or operational issues that are not addressed.
FAQ
What is the recent compliance notification received by Smart Share Global Limited?
Smart Share Global Limited has regained compliance with Nasdaq's minimum bid price requirement of US$1.00 per share.
When did Nasdaq notify Smart Share Global Limited about compliance?
The notification letter from Nasdaq was dated January 31, 2025.
What was the previous compliance issue for Smart Share Global Limited?
The company was previously non-compliant due to its ADS closing bid price being below US$1.00 for 30 consecutive business days.
How did Smart Share regain compliance with Nasdaq?
The company maintained a closing bid price of US$1.00 or higher for 10 consecutive business days from January 16 to January 30, 2025.
What services does Smart Share Global Limited provide?
Smart Share Global Limited provides mobile device charging services through power banks available at various points of interest across China.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$EM Hedge Fund Activity
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Here are some of the largest recent moves:
- ROYAL BANK OF CANADA removed 97,087 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $68,883
- CITADEL ADVISORS LLC removed 67,586 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $47,952
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- TWO SIGMA SECURITIES, LLC added 11,608 shares (+inf%) to their portfolio in Q3 2024, for an estimated $8,235
- NOMURA HOLDINGS INC removed 6,907 shares (-7.1%) from their portfolio in Q3 2024, for an estimated $4,900
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Full Release
SHANGHAI, Feb. 03, 2025 (GLOBE NEWSWIRE) -- Smart Share Global Limited (Nasdaq: EM) (“Energy Monster” or the “Company”), a consumer tech company providing mobile device charging service, today announced that it received a notification letter (the “Compliance Notification”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”), dated January 31, 2025, notifying the Company that it has regained compliance with the requirement of minimum bid price of US$1.00 per share set forth under Nasdaq Listing Rule 5550(a)(2).
As announced on August 9, 2024, the Company received a letter from Nasdaq indicating that it was not in compliance with Nasdaq Listing Rule 5550(a)(2), as the closing bid price of its American Depositary Shares (the “ADSs”) had been below US$1.00 per ADS for the previous 30 consecutive business days. The Company was provided with a compliance period of 180 calendar days, or until February 3, 2025, to regain compliance with the minimum bid price requirement.
On January 31, 2025, Nasdaq confirmed in the Compliance Notification that the closing bid price of the Company’s ADSs has been at US$1.00 per share or higher for the 10 consecutive business days from January 16, 2025 to January 30, 2025. Accordingly, the Company has regained compliance with the minimum bid price requirement, and the matter is now closed.
About Smart Share Global Limited
Smart Share Global Limited (Nasdaq: EM), or Energy Monster, is a consumer tech company with the mission to energize everyday life. The Company is the largest provider of mobile device charging service in China with the number one market share. The Company provides mobile device charging service through its power banks, which are placed in POIs such as entertainment venues, restaurants, shopping centers, hotels, transportation hubs and public spaces. Users may access the service by scanning the QR codes on Energy Monster’s cabinets to release the power banks. As of June 30, 2024, the Company had 9.5 million power banks in 1,267,000 POIs across more than 2,100 counties and county-level districts in China.
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