BEIJING - Secoo Holding Limited (NASDAQ: NASDAQ:SECO), a prominent online luxury goods and services platform in Asia, is confronting potential delisting from The Nasdaq Stock Market LLC. The company disclosed on Monday that it had received a second delisting notice from Nasdaq due to concerns regarding the company's failure to file its delinquent reports, which is seen as an additional basis for delisting.
Previously, Secoo received a notification on August 1, 2023, from Nasdaq indicating that the company did not meet the minimum bid price requirement, as its American Depositary Shares (ADSs) had closed below $1.00 for 30 consecutive business days. Secoo was initially given until January 29, 2024, to regain compliance. On that date, Nasdaq granted the company an additional 180-day period to meet the minimum bid price requirement.
However, the recent notice from Nasdaq, dated February 6, 2024, casts doubt on the possibility of Secoo remedying the deficiency due to issues surrounding its overdue reports. Secoo plans to present its views at a Nasdaq Panel hearing scheduled for February 13, 2024.
Secoo's platform is known for offering a wide array of authentic luxury products and lifestyle services, featuring more than 420,000 SKUs from over 3,800 global and domestic brands. The company asserts the authenticity and quality of its products through a proprietary database and authentication procedures.
The potential delisting raises concerns about Secoo's future business development and market presence. The company's filings with the U.S. Securities and Exchange Commission detail its strategies and the challenges it faces in China's competitive e-commerce market.
This news is based on a press release statement from Secoo Holding Limited.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.