BEIJING, Feb. 18, 2016
/PRNewswire/ -- Ku6 Media Co., Ltd. ("Ku6 Media" or the
"Company," NASDAQ: KUTV), a leading internet video company focused
on User Generated Content in China, today announced that it has received a
determination letter from The NASDAQ Stock Market LLC
("NASDAQ") dated February 17,
2016, indicating that the Company has failed to regain
compliance with the US$1 minimum bid
price requirement under NASDAQ Listing Rule 5450(a)(1) (the "MBP
Rule"). The Company was first notified by NASDAQ that it failed
to comply with the MBP Rule on August
18, 2015. In accordance with NASDAQ Listing Rules
5810(c)(3)(A), the Company was provided 180 calendar days, or until
February 16, 2016, to regain compliance with the MBP Rule.
As previously announced by the Company, on February 10, 2016, it received a determination
letter from NASDAQ, indicating that the Company had also failed to
regain compliance with the US$50,000,000 minimum market value requirement
under NASDAQ Listing Rule 5450(b)(2)(A) (the "MVLS Rule")
and the US$15,000,000 minimum market
value of publicly held securities requirement under NASDAQ Listing
Rule 5450(b)(2)(C) (the "MVPHS Rule").
The Company has appealed NASDAQ's delisting determination with
respect to the MVLS Rule and the MVPHS Rule by requesting a hearing
before a Hearing Panel. The filing of that request stays
delisting of the Company's American Depositary Shares pending the
Hearing Panel's determination. NASDAQ has notified the Company that
the Hearing Panel will consider its failure to regain compliance
with respect to the MBP Rule at the hearing. During the appeal
process, the Company's American Depositary Shares will continue to
trade on The Nasdaq Global Market. There is no assurance that
the Hearing Panel will grant the Company's request for continued
listing.
About Ku6 Media Co., Ltd.
Ku6 Media Co., Ltd. (NASDAQ: KUTV) is a leading internet
video company in China focused on
User Generated Content ("UGC"). Through its premier online brand
and online video website, www.ku6.com, Ku6 Media provides
online video uploading and sharing services, video reports,
information and entertainment in China. For more information about Ku6 Media,
please visit http://ir.ku6.com.
Forward-looking Statements
This news release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by
terminology such as "believes," "could," "expects," "may," "might,"
"should," "will," or "would," and by similar statements.
Forward-looking statements are not historical facts, but instead
represent only the Company's beliefs regarding future events, many
of which, by their nature, are inherently uncertain and outside of
its control. It is possible that the Company's actual results and
financial condition may differ, possibly materially, from the
anticipated results and financial condition indicated in these
forward-looking statements. Some of the risks and important factors
that could affect the Company's future results and financial
condition include: continued competitive pressures in China's internet video portal market; changes
in technology and consumer demand in this market; the risk that Ku6
Media may not be able to control its expenses in the future;
regulatory changes in China with
respect to the operations of internet video portal websites; the
ability of the Company to consistently derive revenues from its
renewed agreement with Huzhong; the success of Ku6 Media's ability
to sell advertising and other services on its websites; and other
risks outlined in the Company's filings with the Securities and
Exchange Commission, including the Company's annual report on
Form 20-F. Ku6 Media does not undertake any obligation to
update this forward-looking information, except as required under
law.
Contact:
For further information, please contact:
At the Company:
Ms. Wendy
Xuan
Investor Relations Manager
Telephone: +86-10-5758-6819
ir@ku6.com
INVESTOR RELATIONS:
The Equity Group Inc.
In China
Katherine Yao
Senior Associate
+86-10-6587-6435
kyao@equityny.com
In U.S.
Adam Prior
Senior Vice President
(212) 836-9606
aprior@equityny.com
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SOURCE Ku6 Media Co., Ltd.