1. BEST Inc. fails to comply with NYSE listing requirements due to late filings. 2. Company prioritizing privatization over timely filing of financial reports. 3. Class A shares may be delisted upon completion of going-private transaction.
Failure to meet NYSE requirements often leads to loss of investor confidence, similar to past delistings.
Non-compliance impacts stock value and investor sentiment significantly.
Immediate consequences expected as stock faces delisting risks soon.
BEST Inc. (NYSE: BEST) ("BEST" or the "Company"), a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia, today announced that, on January 6, 2025, the Company received a notice from the New York Stock Exchange (the "NYSE") Regulation stating that it is not in compliance with the NYSE's continued listing requirements under the timely filing criteria pursuant to Section 802.01E of the NYSE Listed Company Manual (the "Continued Listing Criteria") as a result of the Company's failure to timely file its Form 6-K containing semi-annual financial information for the half year ended June 30, 2024 (the "1H 2024 6-K") with the U.S. Securities and Exchange Commission (the "SEC").
The Company has not yet filed the 1H 2024 6-K with the SEC because it has focused its resources on its previously announced going private transaction. Upon completion of the privatization, the Company will become a privately held company and its Class A ordinary shares would no longer be listed on the NYSE.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in China and SEA. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-added services, including freight delivery, supply chain management and global logistics services. BEST's mission is to empower business and enrich life by leveraging technology and business model innovation to create a smarter, more efficient supply chain. For more information, please visit: http://www.best-inc.com/en/.
SOURCE BEST Inc.