Adaptimmune stock plunges after announcing Nasdaq delisting plans
BEIJING - Cheche Group Inc. (NASDAQ:CCG), a Chinese auto insurance technology platform, has regained compliance with Nasdaq’s minimum bid price requirement, according to a company statement released Friday. The stock, currently trading at $1.47, has shown remarkable strength with a 65.19% gain year-to-date, according to InvestingPro data.
Nasdaq’s Listing Qualifications Department notified Cheche on September 18 that it had met the minimum bid price requirement after maintaining a closing bid price of at least $1.00 per share for 12 consecutive business days from September 2 to September 18.
The company had previously received a notification on June 5 informing it that the closing bid price of its Class A ordinary shares had fallen below the required $1.00 threshold for 31 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
Under Nasdaq regulations, companies facing such deficiencies receive a 180-day compliance period during which they must maintain a closing bid price of at least $1.00 for a minimum of 10 consecutive business days to regain compliance.
With this requirement now satisfied, Nasdaq has closed the matter, according to the press release statement.
Cheche Group, established in 2014 and headquartered in Beijing, operates a network of approximately 101 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. The company currently has a market capitalization of $123 million and generates annual revenue of $444 million. Get comprehensive insights and exclusive ProTips about CCG’s valuation and growth prospects with a subscription to InvestingPro.
In other recent news, Cheche Group Inc. has announced an expansion of its strategic partnership with Volkswagen Anhui. This development involves an agreement with Volkswagen’s Digital Sales and Services unit. Under the expanded partnership, Cheche will offer comprehensive risk management services for Volkswagen Anhui’s upcoming ID.EVO model. These services will encompass everything from underwriting to digital claims management. The ID.EVO is notable as Volkswagen’s first fully connected, full-size pure electric SUV concept. This collaboration highlights Cheche’s role in supporting Volkswagen Anhui’s new ventures in the electric vehicle market.
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