BEIJING, Nov. 17,
2023 /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 November 16, 2023 (the
"Notification Letter") from Nasdaq Listing Qualifications
("Nasdaq"), stating that the Company was not in compliance with
Nasdaq Listing Rule 5250(c)(1) since the Company did not timely
file its annual report on Form 20-F for the fiscal year ended June
30, 2023 (the "2023 Annual Report").
Pursuant to the Nasdaq Listing Rules, the Company has 60
calendar days from the date of the Notification Letter, or until
January 16, 2024, to submit a plan to
regain compliance (the "Compliance Plan"). If Nasdaq accepts the
Compliance Plan, it may grant the Company an exception until
April 29, 2024 to regain compliance.
If Nasdaq does not accept the Compliance Plan, the Company will
have the opportunity to appeal that decision to a hearing panel
under Nasdaq Listing Rule 5815(a).
The Notification Letter has no immediate effect on the listing
of the Company's Class A ordinary shares on Nasdaq. The Company is
working diligently to file the 2023 Annual Report as soon as
practicable. The Company expects either to file its 2023 Annual
Report or submit the Compliance Plan within the prescribed 60-day
period.
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.
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," and "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 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.
Company 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