SHENZHEN, China, Dec. 3, 2020 /PRNewswire/ — X Financial (NYSE: XYF) (the “Company” or “we”), a leading technology-driven personal finance company in China, today announced that it has received a notification letter from the New York Stock Exchange (the “NYSE”) dated December 2, 2020, informing the Company that it has regained compliance with the NYSE’s continued listing criterion of a minimum share price as set forth in Section 802.01C of the NYSE Listed Company Manual.
As previously announced, the Company received a letter from the NYSE dated April 28, 2020 notifying the Company that it was below compliance standards due to the fact that the average closing price of the Company’s American depositary shares (the “ADSs”) was less than $1.00 for a consecutive 30 trading-day period. In order to regain compliance with the minimum share price requirement, the Company changed the ratio of the ADSs representing its Class A ordinary shares from one (1) ADS representing two (2) Class A ordinary shares to one (1) ADS representing six (6) Class A ordinary shares. The change of the ADS ratio became effective on November 19, 2020.
On December 2, 2020, NYSE provided confirmation to the Company that its average closing share price for the consecutive 30-trading days ended November 30, 2020 was above the NYSE’s minimum requirement of $1.00 per share. Accordingly, the Company is no longer considered below the $1 continued listing criterion and has regained compliance on this matter.