Weidai Regains Compliance with NYSE Minimum Price Requirement
Weidai Ltd. (the “Company” or “Weidai”) (NYSE: WEI), a leading auto-backed financing solution provider in China, today announced that it has regained compliance with the New York Stock Exchange (the “NYSE”)’s continued listing standard for share prices, after it received a letter from the NYSE dated August 31, 2021.
On August 31, 2021, the Company received a NYSE letter notifying that Weidai had fallen below the NYSE’s price criteria for continued listing standard of a minimum American depositary shares (the “ADSs”) price of $1.00 over a consecutive 30 trading-day period. In order to regain compliance with the minimum share price requirement, the Company changed its class A ordinary share to ADS ratio from one (1) ADS representing one (1) class A ordinary share to one (1) ADS representing five (5) class A ordinary shares, effective January 26, 2022.
On February 28, 2022, the Company received a confirmation from the NYSE that it had regained compliance with the NYSE’s continued listing standards after the average closing price for its ADSs for the consecutive 30-trading-day period ended February 28, 2022 exceeded $1.00.
Source: Weidai Ltd.