QTT - Qutoutiao won't appeal Nasdaq delisting now set for Thursday

2023-03-20 16:16:54 ET

• Chinese newsfeed provider Qutoutiao ( NASDAQ: QTT ) says it won't appeal a decision by Nasdaq to delist its stock.
• In an SEC filing , it notes that on March 14 it received a determination letter from Nasdaq about the intent to delist the shares, based on the listing rule that publicly held companies hold a minimum $1M market value - and the company was unable to regain compliance after a 180-day grace period.
• The company also fails to satisfy a requirement that it file interim financials for its second quarter of 2022, and also that its American Depositary Shares maintain a closing bid price of $1.00 or higher. Qutoutiao had until March 27 to meet that bar .
• The shares were set to be suspended from Nasdaq trading at the open on March 23, provided the company didn't appeal - and it now says it's elected not to appeal the determination.
• The stock closed up 2% Monday to $0.72 per share.

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