(source: interface AI)
On November 1, 2022, U. S. stock listed companies$Cloopen (RAAS.US)$Said that it received a notification letter received by the New York Stock Exchange on October 5, 2022 informing the company that the remedial period for the resumption of compliance would expire on April 5, 2023 due to the trading price of American depositary shares ("ADS") below compliance standards.
Under the NYSE's continuing listing criteria, the NYSE will consider the company "substandard" if its average closing price is below $1 for 30 consecutive trading days. The company must restore its share price and average share price to more than $1 within six months after receiving the notice. If, at the end of the six-month remedial period, the closing price does not reach $1.00 on the last trading day of the remedial period, and the average closing price of the 30 trading days ending on the last trading day of the remedial period does not reach $1, the New York Stock Exchange will initiate the suspension and delisting process.
Cloopen Group Newsletter said that in order to solve this problem, the company intends to monitor the market situation of its listed securities and is still considering various options.
As of November 1, US Eastern time, Cloopen Group Communications closed at US $0.86, down 2.8 per cent.