SHANGHAI, Aug. 09, 2024 — Smart Share Global Limited (Nasdaq: EM) (“Energy Monster” or the “Company”), a consumer tech company providing mobile device charging service, today announced that it has received a notification letter from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) dated August 7, 2024, indicating that for the last 34 consecutive business days, the closing bid price of the Company’s American depositary shares (the “ADSs”) was below the minimum bid price of US$1.00 per share requirement set forth in Nasdaq Listing Rule 5550(a)(2). The Nasdaq notification letter has no current effect on the listing or trading of the Company’s ADSs on Nasdaq.
According to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until February 3, 2025, to regain compliance with the Nasdaq Listing Rules. If the closing bid price of the Company’s ADSs reaches US$1.00 per share or higher for at least ten consecutive business days within the 180-day compliance period, Nasdaq will provide written confirmation of compliance and the matter will be resolved. If the Company does not regain compliance by February 3, 2025, it may be eligible for an additional 180-day compliance period if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the minimum bid price requirement. In this case, the Company will need to provide written notice of its intention to cure the deficiency during the second compliance period, potentially through a reverse stock split.
The Nasdaq notification letter does not affect the Company’s business operations, and the Company will take all necessary steps to regain compliance within the designated grace period.
About Smart Share Global Limited
Smart Share Global Limited (Nasdaq: EM), or Energy Monster, is a consumer tech company committed to energizing everyday life. The Company is the leading provider of mobile device charging service in China, holding the top market share. The Company offers mobile device charging service through its power banks, which are strategically located in various Points of Interest (POIs) such as entertainment venues, restaurants, shopping centers, hotels, transportation hubs, and public spaces. Users can access the service by scanning QR codes on Energy Monster’s cabinets to release the power banks. As of March 31, 2024, the Company had 9.4 million power banks deployed in 1,245,000 POIs across over 2,000 counties and county-level districts in China.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. The Company may also make forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission (“SEC”), in its annual reports to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Energy Monster’s strategies; its future business development, financial condition and results of operations; the impact of technological advancements on the pricing of and demand for its services; competition in the mobile device charging service industry; Chinese governmental policies and regulations affecting the mobile device charging service industry; changes in its revenues, costs or expenditures; general economic and business conditions globally and in China, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Contact Us
Investor Relations
Hansen Shi
ir@enmonster.com