What’s new: Online travel agent Tuniu Corp. said it has been notified that it could be delisted from the Nasdaq after its stock price fell below the $1 level for the last 30 trading days.
The company said it has 180 days to bring its price into compliance with Nasdaq rules, which require a minimum price of $1 for all stocks that trade on the board.
Background: Tuniu first listed in 2014, and its American depositary shares have moved steadily downward since then from its listing price of $9.
Its stock closed below the $1 threshold on April 6, and now trades at about 76 cents per share.
The company has been particularly hard hit by a massive travel slowdown during the Covid-19 pandemic, though it has yet to report its first-quarter results. But even before that, the company was reporting widening net losses and shrinking revenue.
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Contact reporter Yang Ge (geyang@caixin.com)
