BEIJING, March 21, 2025 – Token Cat Limited (“Token Cat” or the “Company”) (NASDAQ: TC), a prominent Chinese automotive marketplace, has announced the receipt of a Deficiency Letter from Nasdaq, dated March 19, 2025. The letter indicates that Token Cat is not in compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of US$1.00 per American depositary share (“ADS”). The Company’s ADS price, with each ADS representing 240 Class A ordinary shares (par value US$0.0001 per share), has been below this threshold for 30 consecutive business days. The Deficiency Letter does not immediately trigger the delisting of the Company’s securities.

According to Nasdaq Listing Rule 5810(c)(3)(A), Token Cat has until September 15, 2025 (the “Compliance Period”), to regain compliance. Compliance will be achieved if the ADS closing bid price reaches at least US$1.00 for a minimum of 10 consecutive business days, at which point Nasdaq will issue a written confirmation and close the matter.

If Token Cat fails to regain compliance by September 15, 2025, it may be granted an additional 180 calendar days to comply, subject to Nasdaq staff determination. To be eligible, the Company must meet the continued listing requirements for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market (excluding the bid price requirement) and notify Nasdaq in writing of its intention to address the deficiency.

Token Cat plans to actively monitor its ADS closing bid price between now and September 15, 2025, and is evaluating options such as adjusting its ADS-to-Class A ordinary share ratio to meet Nasdaq’s minimum bid price requirement. The Company is currently compliant with all other Nasdaq continued listing standards. The Deficiency Letter does not impact the Company’s operations, SEC reporting obligations, or contractual commitments.

About Token Cat Limited

Token Cat Limited, established in 2010 and formerly known as TuanChe Limited (NASDAQ: TC), is a leading automotive marketplace platform in China. It focuses on connecting automotive consumers with manufacturers, dealers, and service providers. By combining digital platforms with offline sales events, Token Cat delivers comprehensive automotive marketing and transaction services. Its integrated marketing strategies transform individual car purchases into large-scale group buying experiences through an interactive many-to-many model. Additionally, Token Cat’s online marketing service platform utilizes proprietary data analytics and advanced digital marketing to help industry customers enhance the efficiency and effectiveness of their advertising. Token Cat is also exploring potential entry into the cryptocurrency sector.

Safe Harbor Statement

This announcement contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These statements, identifiable by terms like “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” or similar expressions, relate to the Company’s business plans, development, and outlook. They are based on management’s current expectations, market conditions, and operating conditions, and involve known and unknown risks, uncertainties, and other factors that are difficult to predict and beyond the Company’s control. More information regarding these risks, uncertainties, and factors is available in the Company’s filings with the U.S. Securities and Exchange Commission. The Company is not obligated to update any forward-looking statement due to new information, future events, or otherwise, except as required by law.

For investor and media inquiries, please contact:

Token Cat Limited
Investor Relations
Tel: +86 (10) 6397-6232
Email: