BEIJING, June 29,
2022 /PRNewswire/ -- Cloopen Group Holding
Limited (NYSE: RAAS) ("Cloopen" or the "Company") today announced
that it received a letter from the New York Stock Exchange (the
"NYSE") dated May 31, 2022, notifying
the Company that it is below compliance standards due to the
trading price of the Company's American depositary shares (the
"ADSs") and that the applicable cure period for the Company to
regain compliance expires on November 30,
2022.
Pursuant to applicable NYSE continued listing standards, a
company would be considered "below criteria" by the NYSE if the
average closing price of a security as reported on the consolidated
tape is less than US$1.00 over a
consecutive 30 trading-day period. The company must
bring its share price and average share price back above
US$1.00 by six months following
receipt of the notification. In the event that at the expiration of
the six-month cure period, both a US$1.00 closing share price on the last trading
day of the cure period and a US$1.00
average closing share price over the 30 trading-day period ending
on the last trading day of the cure period are not attained, the
NYSE will commence suspension and delisting procedures.
Alternatively, the company can also demonstrate an accelerated cure
based on a US$1.00 share price on
both the last trading day of any calendar month within the
six-month cure period and the average share price over the 30
trading days preceding the end of that month.
To address this issue, the Company intends to monitor the market
conditions of its listed securities and is still considering its
options.
About Cloopen Group Holding Limited
Cloopen Group Holding Limited is a leading multi-capability
cloud-based communications solution provider in China offering a full suite of cloud-based
communications solutions, covering communications platform as a
service (CPaaS), cloud-based contact centers (cloud-based CC), and
cloud-based unified communications and collaborations (cloud-based
UC&C). Cloopen's mission is to enhance the daily communication
experience and operational productivity for enterprises. Cloopen
aspires to drive the transformation of enterprise communications
industry by offering innovative marketing and operational tactics
and SaaS-based tools.
For more information, please visit
https://ir.yuntongxun.com.
Forward-Looking Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Cloopen may also
make written or oral forward-looking statements in its reports
filed with or furnished to the SEC, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Any statements that are not historical facts,
including statements about Cloopen's beliefs and expectations as
well as its financial outlook, are forward-looking statements.
These forward-looking statements are based on Cloopen's current
expectations and involve factors, risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. Such factors, risks and uncertainties
include, but not limited to the following: Cloopen's goals and
strategies; its expectations regarding demand for and market
acceptance of its brand and services; its ability to attract new
customers or retain existing ones; its ability to continue
developing solutions and the markets its solutions target; its
ability to maintain collaborations with mobile network operators;
its ability to enhance or upgrade its existing solutions and
introduce new ones in a timely and cost-effective manner; its
ability to maintain the compatibility of its solutions across
devices, business systems and applications and physical
infrastructure; relevant government policies and regulations
relating to Cloopen's corporate structure, business and industry,
as well as the industries in which its customers operate; and
general economic and business condition in China. Further information regarding these and
other risks, uncertainties or factors is included in Cloopen's
filings with the SEC. All information provided in this press
release is current as of the date of the press release, and Cloopen
does not undertake any obligation to update such information,
except as required under applicable law. All forward-looking
statements are qualified in their entirety by this cautionary
statement, and you are cautioned not to place undue reliance on
these forward-looking statements.
For investor and media inquiries, please contact:
Cloopen Group Holding Limited
Investor Relations
Email: ir@yuntongxun.com
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SOURCE Cloopen Group Holding Limited