BEIJING, Jan. 12, 2016 (GLOBE NEWSWIRE) -- Wowo Limited (the “Company” or “JM WOWO”) (NASDAQ:WOWO), a leading online e-commerce platform that provides supply chain services in the catering industry in China, announced that it received a notification letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on January 6, 2016 indicating that the Company is not currently in compliance with Nasdaq’s Listing Rules (“Listing Rules”) for continued listing due to the Company’s failure to file with the Securities and Exchange Commission under Report of Foreign Private Issuer on Form 6-K (“Form 6-K”) an interim balance sheet and income statement as of the end of its most recently completed second quarter (June 30, 2015). Pursuant to Listing Rule 5250(c)(2), the Company was required to file such Form 6-K no later than six months following the end of the Company's second quarter, or December 31, 2015 (the “Due Date”). As of the date of this press release, the Company has not yet filed the required Form 6-K.
The Notice has no immediate effect on the listing of the Company’s securities. Pursuant to the Notice, the Company has 60 days from the date of the Notice, or until March 6, 2016, to submit a plan to regain compliance with the Listing Rules. If Nasdaq accepts the Company’s plan, Nasdaq may grant the Company an extension of up to 180 calendar days from the Due Date, or until June 28, 2016, to regain compliance with the Listing Rules. The Company is working diligently on its plan to regain compliance and intends to comply with the time periods afforded in the Notice.
About JM WOWO
JM WOWO currently operates China’s leading B2B online e-commerce platform that provides integrated services to suppliers and consumers in the catering industry. With the help of Internet and cloud technologies, JM WOWO has the vision to reshape the procurement and distribution pattern and build a fair business ecosystem in the catering industry in China. The Internet platform operated by JM WOWO is currently used by close to one thousand large reputable restaurant groups, which operate in total about sixty thousand restaurants in China, to procure food material and equipment directly from suppliers, and JM WOWO is promoting the use of its platform by small- and medium-sized restaurants and restaurant chains in China.
Through cooperation with national and local industry associations and large reputable restaurant groups across China, JM WOWO has formed the leading industrial alliance and has great resource leverage in China’s catering industry. JM WOWO works closely with suppliers and customers in the catering industry, providing one-stop procurement services, as well as other value-added services.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim”, “anticipate”, “believe”, “estimate”, “expect”, “going forward”, “intend”, “ought to”, “plan”, “project”, “potential”, “seek”, “may”, “might”, “can”, “could”, “will”, “would”, “shall”, “should”, “is likely to” and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about JM WOWO’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as JM WOWO’s strategic and operational plans, are or contain forward-looking statements. JM WOWO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the general economic and business conditions in China may deteriorate; the growth of Internet and mobile user population in China might not be as strong as expected; JM WOWO’s plan to enhance customer experience, upgrade infrastructure and increase service offerings might not be well received; JM WOWO might not be able to implement all of its strategic plans as expected; changes in laws, regulations and regulatory environment may affect JM WOWO’s business operations; and competition in China may intensify further. Further information regarding these and other risks is included in JM WOWO’s filings with the SEC. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and JM WOWO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.