Renren Announces Receipt of NYSE Non-compliance Letter Regarding ADS Trading Price
Renren Inc. American Depositary Shares, each representing fifteen Class A ordinary shares (RENN)
US:NYSE Investor Relations:
ir.renren-inc.com
Company Research
Source: PR Newswire
BEIJING, April 17, 2020 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates a leading premium used auto business in China through its subsidiary Kaixin Auto Holdings (NASDAQ: KXIN) as well as several U.S.-based SaaS businesses, today announced that it has received a letter from the New York Stock Exchange (the "NYSE") dated April 9, 2020, notifying Renren that it is below compliance standards due to the trading price of Renren's American depositary shares (the "ADSs"). Pursuant to NYSE rule 802.01C, a company will be considered to be below compliance standards if the average closing price of a security as reported on the consolidated tape is less than $1.00 over a consecutive 30 trading-day period. Once notified, the company must bring its share price and average share price back above $1.00 by six months following receipt of the notification. The company can regain compliance at any time during the six-month cure period if on the last trading day of a
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