TuanChe Limited received Nasdaq non-compliance notifications for annual meeting and equity requirements, planning to regain compliance.
Quiver AI Summary
TuanChe Limited, a leading automotive marketplace platform in China, announced that it received notifications from Nasdaq on January 16, 2025, regarding its non-compliance with certain listing requirements. The company failed to hold its annual shareholder meeting within the required timeframe and reported a stockholders’ deficit of ($787,000), below the minimum equity requirement of $2,500,000. TuanChe has 45 days to submit a plan to address these deficiencies, which, if accepted, would grant it extensions to rectify both issues. The company, as a foreign private issuer, is also seeking an exemption from the annual meeting requirement under Nasdaq rules. TuanChe continues to focus on connecting automotive consumers with various industry players while exploring opportunities in the cryptocurrency sector.
Potential Positives
- The company has been granted a 45-day period to submit a plan to regain compliance with Nasdaq listing requirements, indicating that there is a pathway for continued listing on the exchange.
- TuanChe Limited intends to seek an exemption from the annual general meeting requirement, which may help to mitigate compliance issues.
- The company is exploring entry into the cryptocurrency sector, which could signify potential growth opportunities and diversification of its business model.
Potential Negatives
- The company has received notification of non-compliance with both the annual meeting requirement and the minimum stockholders’ equity requirement from Nasdaq, which could jeopardize its listing.
- TuanChe reported a stockholder’s deficit of ($787,000) as of June 30, 2024, indicating financial instability and potential difficulties in regaining compliance.
- The company has only 45 days to submit a plan for regaining compliance, creating urgency and potential pressure on management to address significant issues.
FAQ
What non-compliance issues did TuanChe Limited face?
TuanChe Limited received notifications of non-compliance with the annual meeting requirement and minimum stockholders’ equity from Nasdaq.
What is TuanChe's stockholders' equity status?
The Company reported a stockholders’ deficit of ($787,000) as of June 30, 2024, which does not meet Nasdaq requirements.
How long does TuanChe have to regain compliance?
TuanChe has 45 calendar days to submit a compliance plan and may receive extensions up to June 30, 2025.
What plans does TuanChe have regarding the annual meeting?
TuanChe plans to seek an exemption from the annual general meeting requirement by following its home country practice.
Is TuanChe Limited exploring new business areas?
Yes, TuanChe is exploring ways to enter into the cryptocurrency sector as part of its growth strategy.
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.
$TC Hedge Fund Activity
We have seen 1 institutional investors add shares of $TC stock to their portfolio, and 2 decrease their positions in their most recent quarter.
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- HRT FINANCIAL LP added 25,968 shares (+inf%) to their portfolio in Q3 2024, for an estimated $49,339
- CITADEL ADVISORS LLC removed 11,012 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $20,922
- UBS GROUP AG removed 5,158 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $9,800
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Full Release
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:
[email protected]
SOURCE TuanChe Limited