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      Ucommune (UK) Stock’s Higher Momentum In Extended Session

      By Fahim Awan

      Published on

      December 18, 2023

      9:03 AM UTC

      Ucommune (UK) Stock’s Higher Momentum In Extended Session

      Ucommune International Ltd (NASDAQ: UK) experienced a notable upswing of 9.19% in its stock value during the extended trading session on Friday, reaching $3.63. This after-market surge not only offset the 5.14% loss incurred during the regular session but also marked another successful price-restoration day for the company’s compliance with listing requirements.

      The catalyst for this positive development was a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market, received by Ucommune (UK) on December 14, 2023. The correspondence communicated that Ucommune had rectified its non-compliance with the minimum bid price requirement stipulated in the Nasdaq Listing Rules.

      This compliance issue had been previously brought to the company’s attention on July 21, 2023, when Nasdaq notified Ucommune of its failure to meet the minimum bid price requirement. The deficiency arose due to the company’s closing bid price per share falling below $1.00 over the 30 consecutive business days from June 6, 2023, to July 20, 2023.

      In accordance with Nasdaq Listing Rules, Ucommune had a 180-calendar day compliance period, concluding on January 17, 2024, to rectify the situation. In pursuit of compliance, the company executed a share consolidation on November 29, 2023, consolidating 12 ordinary shares into one.

      Nasdaq’s Notification Letter on Compliance, dated December 14, 2023, officially confirmed that, for the past 10 consecutive business days (from November 30, 2023, through December 13, 2023), the closing bid price of Ucommune’s Class A ordinary shares had consistently been at or above $1.00 per share. Consequently, the company was deemed to have regained full compliance with Nasdaq Listing Rules.

      In a further strategic development, Ucommune recently formalized a strategic cooperation agreement with New World Development (Wuhan) Limited. The signing ceremony took place at the opening event of New World International Trade • Ucommune II (“New World II”).

      Notably, the Forum on Optimizing Building Economy and Collaborating for Breakthrough Development, held at Wuhan New World International Trade Center on December 13, 2023, marked a successful collaboration between Ucommune and New World Development (Wuhan) Limited. Attendees included local government leaders, media representatives, prominent Chinese banks, and business partners of both Ucommune and New World Development (Wuhan) Limited.

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