SHANGHAI and NEW YORK, July 25, 2024 (GLOBE NEWSWIRE) — On July 19, 2024, TH International Limited, (Nasdaq:THCH), the exclusive holding company of Tim Hortons coffee shops in China (Tims China or the Company) , received a notice (Notice) from Nasdaq Stock Market LLC (Nasdaq), stating that the Company's common shares, amounting to $0.00000939586994067732 per share (common shares), failed to comply with the bid price requirement of $1.00 in order to proceed with the listing. on Nasdaq in accordance with Nasdaq Listing Rule 5550(a)(2) based on the closing bid price of the common shares in the 30 consecutive business days prior to the date of the Notice.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been given an initial period of 180 calendar days, or until January 15, 2025, to come into compliance with the minimum bid amount requirement. To obtain compliance again, the closing bid price of the common shares must be at least $1.00 for at least 10 consecutive business days (when the compliance period is extended at Nasdaq's discretion) before January 15, 2025. Nasdaq will then provide written confirmation. of law enforcement and the matter will be closed.
If the Company is unable to regain compliance by January 15, 2025, the Company may, under certain circumstances, be eligible for an additional 180 calendar day period to demonstrate compliance with the minimum bid price. If the Company does not qualify for a second compliance period or fails to obtain and comply within the second 180 calendar day period, Nasdaq will notify the Company of its intention to delist the common stock, at which time the Company will have an opportunity to appeal. the decision to withdraw from the list of the Hearing Panel.
The Company will monitor the closing price of its common stock. The acceptance of the Notice has no effect on the operation of the Company's business or the trading of its securities at this time.
On July 24, 2024, the Company filed a Current Report on Form 6-K reporting the above with the US Securities and Exchange Commission.
ABOUT TH INTERNATIONAL LIMITED
TH International Limited (Nasdaq: THCH) (Tims China) is the parent company of exclusive distributors of Tim Hortons coffee shops in mainland China, Hong Kong, and Macau. Tims China was founded by Cartesian Capital Group and Tim Hortons Restaurants International, a subsidiary of Restaurant Brands International (TSX: NYSE: ) (NYSE: QSR ).
The company's philosophy focuses on world-class decision-making and data-driven decision-making and focuses on true local relevance, continuous innovation, true community, and total luxury. For more information, please visit
Forward-Looking Statements
This press release contains forward-looking statements, which are often identified by the words “may,” “may,” “believe,” “think,” “expect,” “plan,” “anticipate,” “intend” or similar expressions. and include, but are not limited to, statements relating to the timing and steps taken to regain compliance with Nasdaq. This information is qualified in its entirety by the cautionary statements and risk factor disclosures contained in Tims China's filings with the US Securities and Exchange Commission, including its annual report on Form 20-F for the year ended December 31, 2023. Tims China cautions. readers that certain important factors may be affected and in the future may affect actual results and may cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made herein. Tims China does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
Contacts
Investor relations
IR@timschina.com or Gemma.Bakx@cartesiangroup.com
Public relations
patty.yu@timschina.com
Follow @TimHortonsChina
Source: TH International Limited
