Tims China Faces Nasdaq Delisting Risk Due to Low Share Price
SHANGHAI and NEW YORK, July 25, 2024 — On July 19, 2024, TH International Limited, (Nasdaq:THCH), the exclusive operator of Tim Hortons coffee shops in China (“Tims China” or the “Company”) , received a notice (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”), stating that the Company’s ordinary shares, par value $0.00000939586994067732 per share (the “ordinary shares”), fail to comply with the $1.00 minimum bid price requirement for continued listing on Nasdaq in accordance with Nasdaq Listing Rule 5550(a)(2) based upon the closing bid price of the ordinary shares for the 30 consecutive business days prior to the date of the Notice.
According to Nasdaq Listing Rule 5810(c)(3)(A), Tims China has been granted an initial period of 180 calendar days, extending until January 15, 2025, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the ordinary shares must be at least $1.00 for at least 10 consecutive business days (with this compliance period potentially extended at Nasdaq’s discretion) before January 15, 2025. Upon achieving this, Nasdaq will issue a written confirmation of compliance, and the matter will be closed.
If Tims China is unable to regain compliance by January 15, 2025, the company may, under specific circumstances, qualify for an additional 180 calendar day period to demonstrate compliance with the minimum bid price requirement. If Tims China does not meet the criteria for the second compliance period or fails to regain compliance during this second 180 calendar day period, then Nasdaq will notify the Company of its decision to delist the ordinary shares. Tims China would then have the opportunity to appeal the delisting determination to a Hearings Panel.
Tims China will continue to monitor the closing bid price of its ordinary shares. The receipt of the Notice does not currently affect the Company’s business operations or the trading of its securities.
On July 24, 2024, the Company filed a Current Report on Form 6-K with the U.S. Securities and Exchange Commission reporting the foregoing.
ABOUT TH INTERNATIONAL LIMITED
TH International Limited (Nasdaq: THCH) (“Tims China”) is the parent company of the exclusive master franchisees of Tim Hortons coffee shops in mainland China, Hong Kong, and Macau. Tims China was established by Cartesian Capital Group and Tim Hortons Restaurants International, a subsidiary of Restaurant Brands International (TSX: QSR) (NYSE: QSR).
The company’s approach is grounded in world-class execution and data-driven decision making, centered around true local relevance, continuous innovation, genuine community, and absolute convenience. For more information, please visit.
Forward-Looking Statements
This press release includes forward-looking statements, often identified by terms like “may,” “might,” “believes,” “thinks,” “anticipates,” “plans,” “expects,” “intends” or similar expressions. These statements encompass, but are not limited to, information related to the timing and actions taken to regain compliance with Nasdaq. This information is fully qualified by cautionary statements and risk factor disclosures outlined in filings made by Tims China with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F for the year ending December 31, 2023. Tims China advises readers that certain significant factors may have influenced and could potentially influence future actual results. These factors could cause actual results for subsequent periods to vary considerably from those expressed in any forward-looking statement presented herein. Tims China does not assume any obligation to update forward-looking statements in response to events or circumstances occurring after the date hereof.
Contacts
Investor Relations
IR@timschina.com or Gemma.Bakx@cartesiangroup.com
Public Relations
patty.yu@timschina.com
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