Bat Group Regains Compliance with Nasdaq Minimum Bid Price Requirements for Continued Listing and Plans to Start New Business
BEIJING, Dec. 14, 2019 /PRNewswire/ -- Bat Group, Inc. (Nasdaq: GLG) (the "Company"), is pleased to announce that it has regained compliance with Nasdaq's minimum bid price requirement.
On December 11, 2019, the Company received a written notification from the Nasdaq Stock Market Listing Qualifications Staff, indicating that the Company has regained compliance with the bid price requirement for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) based on the closing bid price of the Company's common stock being at $1.00 per share or greater for 10 consecutive business days from November 26 to December 10, 2019.
As disclosed in the Company's Current Report on Form 8-K filed on November 26, 2019, the Company entered into a set of variable interest entity agreements with Huamucheng Trading Co., Ltd. and its shareholders on November 22, 2019. The Company plans to start a bulk commodity trading business via Huamucheng. The Company expects that the new business will help increase its revenue and enhance earnings. "We plan to put more resources into the new bulk commodity trading business if it shows satisfactory performance," said COO, Renmei Ouyang.
About Bat Group, Inc.
Bat Group, Inc. (Nasdaq: GLG) is an emerging used luxurious car rental service provider in China. The used luxurious car business is conducted under the brand name "BatCar" by the Company's VIE entity, Tianxing Kunlun Technology Co. Ltd, from its headquarters in Beijing. Utilizing a streamlined, digital, transaction process, the Company endeavors to provide the best possible rental experience for its customers. For more information please visit https://www.imbatcar.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Bat Group, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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