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SHANGHAI, China - 111, Inc. (NASDAQ:YI), a leading retail drugstore chain with a market capitalization of $61.5 million, announced today that it has regained compliance with NASDAQ’s listing requirements.
The company, formerly known as New Peak Group, had previously been notified of a potential delisting due to non-compliance with the exchange’s standards. According to InvestingPro data, the stock has shown significant momentum recently, with a 10.8% return over the past week.
The press release stated that 111, Inc. received formal notification from NASDAQ on Monday, confirming that it now meets the necessary continued listing criteria. The specific standards that the company was not in compliance with were not detailed in the press release. However, the announcement signals that the issues have been resolved to the satisfaction of the exchange.
This news comes as a positive development for 111, Inc., which operates as a prominent player in the Consumer Staples Distribution & Retail industry. The company’s listing on NASDAQ allows it to access a broad base of institutional and retail investors, which can be crucial for funding operations and expansion. InvestingPro analysis indicates the company maintains a strong financial position, holding more cash than debt on its balance sheet.
The return to compliance with NASDAQ’s listing rules may also provide a boost to investor confidence in the company’s governance and financial health. It is important for companies listed on major exchanges to adhere to strict regulatory standards to maintain their listing status, which includes meeting minimum financial and reporting requirements.
The announcement is based on a press release statement and does not include any additional information regarding the company’s financial performance or strategic plans. While the company is currently trading below its InvestingPro Fair Value, analysts predict profitability this year.
In other recent news, 111 Inc . has been making significant strides in its operations. The company recently announced a modification to its American Depositary Share (ADS) ratio, according to a Form 6-K filing with the Securities and Exchange Commission (SEC). The specifics of this change were not disclosed, but investors and stakeholders are encouraged to review the company’s latest 6-K filing for a detailed understanding of the changes and their implications.
In terms of financial performance, 111 Inc. managed to maintain operational profitability for the third consecutive quarter, despite a challenging macroeconomic landscape. The company’s net revenues remained stable at RMB 3.6 billion, and a significant decrease in operating expenses contributed to a notable increase of 10.5% in gross segment profit, reaching RMB 210.6 million.
The company’s resilience is also evident in its strategic focus on digital transformation and operational efficiency. 111 Inc. has improved the accuracy of its AI-driven herbal medicine recognition technology and added 23,000 new SKUs through inventory sharing technology.
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