BEIJING, March 18,
2024 /PRNewswire/ -- Baijiayun Group Ltd ("Baijiayun"
or the "Company") (Nasdaq: RTC), a one-stop AI video solution
provider, today announced that it received a notification letter
dated March 14, 2024 (the "Notification Letter") from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
(the "Nasdaq"), indicating that the Company is not in compliance
with the minimum bid price requirement set forth in Rule 5450(a)(1)
of the Nasdaq Listing Rules as the closing bid price of the
Company's Class A ordinary share (the "Share") has been below
US$1.00 per Share for a period of 30
consecutive trading days.
The Notification Letter has no immediate impact on the Company's
listing on the Nasdaq Global Market. Pursuant to Rule 5810(c)(3)(A)
of the Nasdaq Listing Rules, the Company has a compliance period of
180 calendar days, or until September 10, 2024 (the "Compliance
Period"), to regain compliance with Nasdaq's minimum bid price
requirement. If at any time during the Compliance Period, the
closing bid price per Share is at least US$1.00 for a minimum of 10
consecutive trading days, Nasdaq will provide the Company a written
confirmation of compliance and the matter will be closed. If the
Company does not regain compliance by September 10, 2024, the
Company may be eligible for additional time to regain
compliance. To qualify, the Company must apply for a transfer
to the Nasdaq Capital Market and meet the continued listing
requirements for market value of publicly held shares and all other
initial listing standards, with the exception
of bid price requirement, of the Nasdaq Capital Market,
and provides written notice to Nasdaq of its intention to cure the
deficiency.
The Company intends to monitor the closing bid price of its
Shares and will continue to consider its available options to
regain compliance with the minimum bid price requirement under the
Nasdaq Listing Rules. The Company is currently in compliance with
all other Nasdaq continued listing standards. The Notification
Letter does not affect the Company's business operations, its U.S.
Securities and Exchange Commission reporting requirements or
contractual obligations.
Safe Harbor Statement
This press release contains certain "forward-looking
statements." These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Statements that are not historical facts, including
statements about the parties' perspectives and expectations, are
forward-looking statements. The words "will," "expect," "believe,"
"estimate," "intend," "plan" and similar expressions indicate
forward-looking statements.
Such forward-looking statements are inherently uncertain, and
shareholders and other potential investors must recognize that
actual results may differ materially from the expectations as a
result of a variety of factors. Such forward-looking statements are
based upon management's current expectations and include known and
unknown risks, uncertainties, and other factors, many of which are
hard to predict or control, that may cause the actual results,
performance, or plans to differ materially from any future results,
performance or plans expressed or implied by such forward-looking
statements. The forward-looking information provided herein
represents the Company's estimates as of the date of this press
release, and subsequent events and developments may cause the
Company's estimates to change.
The Company specifically disclaims any obligation to update the
forward-looking information in the future. Therefore, this
forward-looking information should not be relied upon as
representing the Company's estimates of its future financial
performance as of any date subsequent to the date of this press
release.
A further list and description of risks and uncertainties can be
found in the documents that the Company has filed or furnished or
may file or furnish with the U.S. Securities and Exchange
Commission, which you are encouraged to read. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by such forward-looking
statements. Accordingly, you are cautioned not to place undue
reliance on these forward-looking statements. Forward-looking
statements relate only to the date they were made, and the Company
undertakes no obligation to update forward-looking statements to
reflect events or circumstances after the date they were made
except as required by law or applicable regulation.
About Baijiayun Group Ltd
Baijiayun is a one-stop AI video solution provider with core
expertise in SaaS/PaaS solutions. Baijiayun is committed to
delivering reliable, high-quality video experiences across devices
and localities and has grown rapidly since its inception in 2017.
Premised on its industry-leading video-centric technologies,
Baijiayun offers a wealth of video-centric technology solutions,
including Video SaaS/PaaS, Video Cloud and Software, and Video AI
and System Solutions. Baijiayun caters to the evolving
communications and collaboration needs of enterprises of all sizes
and industries. For more information, please visit
ir.baijiayun.com.
For investor and media enquiries, please contact:
Ms. Fangfei Liu
Chief Financial Officer, Baijiayun Group Ltd
Phone: +86 25 8222 1596
Email: liufangfei@baijiayun.com
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SOURCE Baijiayun Group Ltd