BEIJING, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Secoo Holding Limited ("Secoo" or the "Company") (NASDAQ: SECO), Asia's leading online integrated upscale products and services platform, today announced that it has received a written notification from the staff of the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") dated August 1, 2023, indicating that because the closing bid price of the Company's American Depositary Shares ("ADSs") for the last 30 consecutive business days was below US$1.00 per share, the Company no longer meets the Nasdaq minimum bid price requirement, set forth in Nasdaq Listing Rule 5550(a)(2).

Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until January 29, 2024, to regain compliance under the Nasdaq Listing Rules. If at any time during the 180-day compliance period, the closing bid price of the Company's ADSs is at lease US$1.00 per sharefor a minimum of ten consecutive business days, Nasdaq will provide the Company written confirmation of compliance and that matter will be closed.

In the event the Company does not regain compliance by January 29, 2024, the Company may be eligible for an additional compliance period of 180 calendar days period to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional 180 calendar days. However, if the Company will not be able to cure the minimum bid price deficiency, or if the Company is otherwise not eligible for an additional compliance period, Nasdaq will provide notice that its ADSs will be subject to delisting. In that event, the Company may appeal the delisting determination to a Hearings Panel.

The Nasdaq notification letter will have no effect on the Company's business operations, and the Company will take all reasonable measures to regain compliance.

About Secoo Holding Limited

Secoo Holding Limited ("Secoo") is Asia's leading online integrated upscale products and services platform. Secoo provides customers a wide selection of authentic upscale products and lifestyle services on the Company's integrated online and offline shopping platform which consists of the Secoo.com website, mobile applications and offline experience centers, offering over 420,000 SKUs, covering over 3,800 global and domestic brands. Supported by the Company's proprietary database of upscale products, authentication procedures and brand cooperation, Secoo is able to ensure the authenticity and quality of every product offered on its platform.