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      Secoo Holding Limited (SECO) stock Rallies After Hours Following Board Changes Announcement - Stocks Telegraph

      By Gule Rukhsar

      Published on

      December 29, 2021

      7:57 AM UTC

      Secoo Holding Limited (SECO) stock Rallies After Hours Following Board Changes Announcement - Stocks Telegraph

      Secoo Holding Limited (SECO) stock became bullish in the after-hours, following the announcement of board changes. Hence, the stock gained 8.03% after hours at $0.4198, on December 28, 2021.

      During the regular session, the stock traded in the red with a loss of 15.50% at the closing price of $0.3886 apiece. The day’s volume remained just below the 65-day average at 235.56K shares.

      The online integrated upscale products and services platform, SECO, has a market capitalization of $32.49 million. Currently, the company has 57.51 million outstanding shares in the market.

      SECO’s Board Changes

      As per Tuesday’s announcement, the company has made some changes to its Board of Directors. Mr. Jianji Liu has been appointed as an independent director to the board. Moreover, Ms. Qi Zhu and Mr. Jian Wang’s resignation has also been approved by SECO’s board. All the changes including the resignations are effective as of December 28, 2021.

      In addition, Mr. Jianji Liu will also replace Mr. Jian Wang’s positions on the audit and corporate governance committees of the board.

      Mr. Liu has served with multiple companies including Shenzen Jinxin Guotou Fund Management Co., Ltd, Wumart Commercial Finance Co., Ltd., China Automotive Finance Co., Ltd., and many others.

      Nasdaq Notice

      On December 20, SECO announced receiving a written notification from Nasdaq dated December 17, 2021. As per the notification, the company’s ADSs price has been below US$1.00 for consecutive thirty days. Hence, the company’s ADSs are below the minimum bid requirement for listing on Nasdaq as per the Listing Rule 5450(a)(1). Moreover, the company has 180 days (till June 15, 2022) to regain compliance with Nasdaq Listing Rules. Further, the company can regain compliance after its ADS closing price is US$1.00 or above for ten consecutive days during the given period.

      Hence, SECO further announced to monitor its share price and regain compliance within the 180-day grace period. Currently, the company is evaluating its options for the purpose including an adjustment of its ADS-to-Class A ordinary share ratio.

      SECO’s Annual SEC Filing

      On November 09, SECO announced to have filed its annual report on Form 20-F for the fiscal year ended on December 31, 2020. Moreover, the filed report with SEC comprises of the company’s audited consolidated financial statements.

      As per the report, SECO had a basic and diluted net loss per ADS of $0.18 on revenue of US$922,556 in the above-mentioned period.

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