SHANGHAI, China, 04 Oct 2021 (GLOBE NEWSWIRE) – Q&K International Group Limited (NASDAQ: QK) (“Q&K” or the “Company”), a leading long-term apartment rental platform focused on technology in China, announced that it has received a notification letter (“Notice”) from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) dated September 28, 2021, indicating that the Company no longer meets the minimum purchase price requirement set out in Nasdaq Listing Rule 5450 (a) (1) because the closing bid price of the Company’s American Depositary Shares (“ADS”) was less than 1.00 USD per ADS for a period of 30 consecutive business days.
In accordance with Nasdaq Listing Rule 5810 (c) (3) (A), the Company has a compliance period of 180 calendar days, or until March 28, 2022 (the “Compliance Period”), to re-comply with the Nasdaq minimum bid price requirement. . If at any time during the compliance period the closing bid price by ADS is at least $ 1.00 for at least 10 consecutive business days, Nasdaq will provide the Company with written confirmation of compliance and the file will be closed. In the event that the Company does not regain compliance by March 28, 2022, subject to the decision of Nasdaq staff, it may be eligible for an additional period as indicated in the Notice. The Company will take reasonable steps to restore compliance.
Q&K International Group Limited (NASDAQ: QK) is one of the leading technology-driven long-term apartment rental platforms in China. The company provides young, emerging urban residents with affordable, move-in ready and conveniently located branded apartments, as well as a variety of value-added services. Q&K uses advanced computer and mobile technologies to manage rental apartments in various cities across China. Technology is at the heart of Q & K’s business and is applied to its business process, from finding apartments, renovating and acquiring tenants to property management. The focus on technology enables Q&K to operate a large portfolio of dispersed and rapidly growing apartments with high operational efficiency and to deliver a superior user experience.
Safe Harbor Declaration
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 US Private Securities Litigation Reform Act. of 1995. These forward-looking statements may be identified by words such as “will”, “expects”, “anticipates”, “the future”, “intends to”, “plans”, “believes”, “Esteem” and similar statements. Among other things, management quotes in this press release and the business and business outlook 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 of forward-looking statements. These risks and uncertainties include, but are not limited to: the Group’s ability to access financing on favorable terms in a timely manner and to maintain and extend its cooperation with financial institutions; the Group’s ability to continue operating in the future or to achieve or maintain profitability; the Group’s ability to respond effectively to the challenges and uncertainties resulting from the COVID-19 pandemic and other epidemics and disasters; 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 control the quality of its operations, including the operation of rental apartments managed by its own trustees or by third party service providers; the Group’s ability to attract and retain tenants and landlords, including tenants and landlords from its acquired lease contracts; 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 be competitive; and the assumptions underlying or related to all of the above. Further information regarding these and other risks is included in the documents filed by the Group with the United States Securities and Exchange Commission. Unless required by law, the Group does not undertake any obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.
For investor and media inquiries, please contact:
Email: [email protected]
Mr. René Vanguestaine
Phone: + 852-6686-1376
Email: [email protected]
Ms. Linda Bergkamp
Phone: + 1-480-614-3004
Email: [email protected]
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