HONG KONG, Sept. 26, 2022 (GLOBE NEWSWIRE) — UCLOUDLINK GROUP INC. (“UCLOUDLINK” or the “Company”) (NASDAQ: UCL), the world’s first and leading marketplace for mobile traffic sharing, announced today that it has received a written communication from the Staff of the Listing Qualifications Department of Nasdaq Stock Market LLC (“Nasdaq”) dated September 22, 2022, showing that the Company has complied with the continuing listing requirement of the Minimum Market Value of Publicly Held Shares (“MVPHS”) for the Nasdaq Global Market, as set out in Nasdaq Listing Rule 5450(b)(1) (C) Determined because the Company’s MVPHS has been below the minimum MVPHS requirement of $5,000,000 for the last 30 consecutive business days.
Under the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 calendar days or by March 21, 2023. The Company may remedy this deficiency if its MVPHS closes at $5,000,000 or more for at least ten consecutive business days during the compliance period . The Company’s management is reviewing various available options to regain compliance and maintain its continued listing on the Nasdaq Global Market. If the company does not regain compliance with the rule before the compliance period expires, it will receive written notification that its securities will be delisted. Alternatively, the Company may apply to list the Company’s securities on The Nasdaq Capital Market, subject to the Nasdaq Capital Market’s ongoing listing requirements.
About UCLOUDLINK GROUP INC.
UCLOUDLINK is the world’s first and leading marketplace for mobile data sharing and pioneered the sharing economy business model for the telecommunications industry. The company’s products and services provide unique value propositions to mobile data users, mobile phone and smart hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative cloud SIM technology and architecture, the company has redefined the mobile data connectivity experience by allowing users to access mobile data traffic quotas shared by carriers in its marketplace, while simultaneously reliable connectivity, high speeds and competitive prices.
Safe Harbor Declaration
This release contains forward-looking statements. These statements are made in accordance with the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Among other things, the financial projections and quotations made by management in this announcement, as well as UCLOUDLINK’s strategic and operational plans contain forward-looking statements. UCLOUDLINK may also make written or oral forward-looking statements in its periodic reports to the US Securities and Exchange Commission, its annual report to shareholders, in press releases and other written materials, and in oral statements by its officers, directors or employees. Statements that are not historical facts, including but not limited to statements about UCLOUDLINK’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statements, including but not limited to the following: UCLOUDLINK’s strategies; the future business development, financial condition and results of operations of UCLOUDLINK; UCLOUDLINK’s ability to grow its user base and usage of its mobile data connectivity services and improve operational efficiencies; competition in the global mobile data connectivity services industry; changes in UCLOUDLINK’s revenue, costs or expenses; governmental guidelines and regulations relating to the global mobile data connectivity services industry, general economic and business conditions worldwide and in China; the impact of the COVID-19 pandemic on UCLOUDLINK’s business operations and the economy in China and elsewhere generally; and assumptions underlying or related to the foregoing. Additional information on these and other risks is contained in the Company’s filings with the Securities and Exchange Commission. All information in this press release and the attachments is as of the date of the press release and UCLOUDLINK assumes no obligation to update this information, except as required by applicable law.
For more information, please contact:
| UCLOUDLINK GROUP INC. |
| Jillian Zeng |
| Phone: +852-2180-6111 |
| Email: [email protected] |
| Investor Relations: |
| The Equity Group Inc. |
| Alice Zhang, Investor Relations Analyst |
| Tel: +1-212-836-9610 |
| Email: [email protected] |
| In China: |
| Lucy Ma, staff member |
| Phone: +86 10 5661 7012 |
| Email: [email protected] |
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