HANGZHOU, China, November 19, 2021– (COMMERCIAL THREAD) – MOGU Inc. (“MOGU“or the”Society“) (NYSE: MOGU), one of China’s leading KOL-focused online fashion and lifestyle destinations, today announced that it has received a letter from the New York Stock Exchange (the”NYSE“) dated November 10, 2021, notifying the Company that it is below the compliance criteria with respect to the performance of its stock market price relative to the Company’s US depositary shares (the”ADS“).
In accordance with NYSE Rule 802.01C, a company will be considered to be below the compliance criteria if the average closing price of a security as shown on the Consolidated Band is less than $ 1.00 over a period of 30 consecutive trading days. Once notified, the company must bring its share price and average price back above $ 1.00 within six months of receiving the notification. The company may re-establish compliance at any time during the six-month cure period if, on the last trading day of a calendar month during the cure period, the company has a closing price of at least $ 1.00 and an average closing price of at least $ 1.00 over the 30 trading day period ending on the last trading day of that month. In the event that, at the expiration of the six month healing period, a closing price of US $ 1.00 on the last trading day of the healing period and an average closing price of US $ 1.00 on the 30 trading day period ending on the last trading day of the processing period is not met, the NYSE will initiate suspension and delisting proceedings.
To resolve this issue, the Company intends to continuously monitor the market conditions of its ADSs and is in the process of implementing various measures to improve its financial condition and operating results, which the Company expects. to compensate for the negative short-term effects on its trading prices and remedy the deficiency in a timely manner.
Safe Harbor Declaration
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” “,” Goals “,” future “,” intends to “,” plans “,” believes “,” believes “,” confident “,” potential “,” continues “or other similar expressions. Among other things, the business outlook and management quotes in this announcement, as well as MOGU’s strategic and operational plans, contain forward-looking statements. MOGU may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission (the “”SECOND“), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements which are not historical facts, including, but without limitation, statements about beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including, but not limited to the following: MOGU’s growth strategies; the risk that COVID-19 or other health risks in China or globally may adversely affect its operations or its financial results; its future business development, operating results and financial condition; its ability to understand the s buyers’ needs and to provide products and services to attract and retain buyers; its ability to maintain and improve the recognition and reputation of its brand; its ability to rely on merchants and third party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with traders; trends and competition in the Chinese e-commerce market; variations in its income and certain cost or expense items; the expected growth of the Chinese e-commerce market; PRC government policies and regulations relating to the MOGU industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the above. Further information regarding these and other risks is included in the documents filed by MOGU with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and MOGU does not undertake to update any forward-looking statements, except as required by applicable law.
About MOGU Inc.
MOGU Inc. (NYSE: MOGU) is one of the leading KOL-focused online fashion and lifestyle destinations in China. MOGU offers people a more accessible and enjoyable shopping experience for everyday fashion, especially as they increasingly live their lives online. By connecting traders, KOLs and users, MOGU’s platform serves as a valuable marketing channel for traders, a powerful incubator for KOLs, and a vibrant and vibrant community for people to discover and share the latest trends in fashion with others, where users can enjoy a truly complete online shopping experience.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211119005431/en/
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