New Risk • Aug 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₹1.8b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-₹1.8b free cash flow). Minor Risk Market cap is less than US$100m (€45.3m market cap, or US$52.5m). Announcement • Aug 10
Yatra Online, Inc. to Report Q1, 2027 Results on Aug 12, 2026 Yatra Online, Inc. announced that they will report Q1, 2027 results on Aug 12, 2026 Reported Earnings • Aug 04
Full year 2026 earnings released: ₹3.71 loss per share (vs ₹1.73 loss in FY 2025) Full year 2026 results: ₹3.71 loss per share (further deteriorated from ₹1.73 loss in FY 2025). Revenue: ₹10.1b (up 27% from FY 2025). Net loss: ₹233.0m (loss widened 118% from FY 2025). Announcement • Jun 21
Yatra Online Reportedly In Talks For Promoter Stake Sale To Ixigo Le Travenues Technology Limited (NSEI:IXIGO) is exploring the purchase of a 15-20% promoter stake in Yatra Online, Inc. (NasdaqCM:YTRA), although neither company has made an official announcement regarding the proposed transaction. Following the media report, BSE sought clarification from Yatra Online on 19 June 2026 regarding the news item that claimed Ixigo was in the final stages of acquiring up to a 20% stake in the company from promoters. The company's response is awaited. Reported Earnings • May 26
Full year 2026 earnings released: ₹3.53 loss per share (vs ₹1.73 loss in FY 2025) Full year 2026 results: ₹3.53 loss per share (further deteriorated from ₹1.73 loss in FY 2025). Revenue: ₹10.1b (up 27% from FY 2025). Net loss: ₹222.0m (loss widened 108% from FY 2025). Announcement • May 21
Yatra Online, Inc. to Report Q4, 2026 Results on May 22, 2026 Yatra Online, Inc. announced that they will report Q4, 2026 results on May 22, 2026 Breakeven Date Change • Mar 31
Forecast breakeven date pushed back to 2027 The analyst covering Yatra Online previously expected the company to break even in 2026. New forecast suggests the company will make a profit of ₹543.0m in 2027. Average annual earnings growth of 180% is required to achieve expected profit on schedule. Reported Earnings • Feb 12
Third quarter 2026 earnings released: ₹2.53 loss per share (vs ₹0.078 profit in 3Q 2025) Third quarter 2026 results: ₹2.53 loss per share (down from ₹0.078 profit in 3Q 2025). Revenue: ₹2.58b (up 9.6% from 3Q 2025). Net loss: ₹158.9m (down ₹163.7m from profit in 3Q 2025). Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Hospitality industry in Germany. Announcement • Feb 06
Yatra Online, Inc. to Report Q3, 2026 Results on Feb 11, 2026 Yatra Online, Inc. announced that they will report Q3, 2026 results Pre-Market on Feb 11, 2026 Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: ₹0.77 (vs ₹0.25 loss in 2Q 2025) Second quarter 2026 results: EPS: ₹0.77 (up from ₹0.25 loss in 2Q 2025). Revenue: ₹3.51b (up 49% from 2Q 2025). Net income: ₹47.9m (up ₹63.6m from 2Q 2025). Profit margin: 1.4% (up from net loss in 2Q 2025). Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Nov 17
Yatra Online, Inc., Annual General Meeting, Dec 08, 2025 Yatra Online, Inc., Annual General Meeting, Dec 08, 2025, at 06:00 Indian Standard Time. Location: gulf adiba, plot no. 272, 4th floor, udyog vihar, phase-ii, sector-20, haryana, 122008, gurugram India Announcement • Nov 07
Yatra Online, Inc. to Report Q2, 2026 Results on Nov 12, 2025 Yatra Online, Inc. announced that they will report Q2, 2026 results on Nov 12, 2025 Announcement • Oct 02
Yatra Online, Inc. Appoints Siddhartha Gupta as A Director, Effective September 30, 2025 On September 30, 2025, the Board of Directors of Yatra Online, Inc. (the “Company”) appointed Mr. Siddhartha Gupta as a director of the Company, effective immediately. Mr. Siddhartha Gupta will serve in the class of directors whose term expires at the Company’s 2026 Annual General Meeting of Shareholders. Announcement • Aug 06
Yatra Online, Inc. to Report Q1, 2026 Results on Aug 08, 2025 Yatra Online, Inc. announced that they will report Q1, 2026 results on Aug 08, 2025 Announcement • May 23
Yatra Online, Inc. to Report Q4, 2025 Results on May 29, 2025 Yatra Online, Inc. announced that they will report Q4, 2025 results After-Market on May 29, 2025 Announcement • Mar 13
Yatra Online, Inc. Announces Resignation of Rohan Mittal as Group Chief Financial Officer Yatra Online, Inc. announced on March 10, 2025, Mr. Rohan Mittal resigned from the position of Group Chief Financial Officer of the company to look for new opportunities. His resignation did not result from any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. His last working day will be decided as per mutual discussion with the Company to ensure a smooth handover/transition. Announcement • Feb 05
Yatra Online, Inc. to Report Q3, 2025 Results on Feb 11, 2025 Yatra Online, Inc. announced that they will report Q3, 2025 results on Feb 11, 2025 Announcement • Nov 04
Yatra Online, Inc., Annual General Meeting, Nov 27, 2024 Yatra Online, Inc., Annual General Meeting, Nov 27, 2024, at 18:00 Indian Standard Time. Location: gulf adiba, plot no. 272, 4th floor, udyog vihar, phase-ii, sector-20, haryana, india, 122008, gurugram India Reported Earnings • Aug 13
First quarter 2025 earnings released: ₹0.41 loss per share (vs ₹0.39 loss in 1Q 2024) First quarter 2025 results: ₹0.41 loss per share (further deteriorated from ₹0.39 loss in 1Q 2024). Revenue: ₹1.05b (down 5.0% from 1Q 2024). Net loss: ₹25.5m (loss widened 2.8% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Aug 07
Yatra Online, Inc. to Report Q1, 2025 Results on Aug 12, 2024 Yatra Online, Inc. announced that they will report Q1, 2025 results on Aug 12, 2024 Announcement • May 29
Yatra Online, Inc. Unveils Gen AI-Powered Expense Management Solution for SMEs and Large Enterprises Yatra Online, Inc. announced that it has launched its expense management solution to enable both international and domestic enterprises to manage their business expenditure efficiently. This highly scalable tool will revolutionize the way businesses handle both travel and non-travel expenses, offering unparalleled efficiency and accuracy. The comprehensive solution promises to streamline the entire expense management process, while offering a seamless integration of travel bookings and expense tracking. Yatra's Expense Management Solution stands out with its utilization of cutting-edge technologies including GenAI Large Language Models (LLMs) for receipt analysis. Unlike traditional OCR technology, this ensures more accurate and comprehensive expense tracking, significantly reducing errors and saving time. Additionally, it features an integrated chatbot based on Gen AI and RAG models. Designed as an end-to-end travel solution, the tool manages everything from booking flights, hotels, and cars to recording incurred expenses during travel within a single platform. As the leading corporate travel provider, Yatra's introduction of this solution underscores its commitment to continuous innovation and excellence in the travel industry. Other key features of Yatra's Expense Management solution include: Multi-level approval process tailored to meet specific company requirements, ensuring streamlined workflow management. Seamless integration with ERP systems facilitates smooth data flow and enhances operational efficiency. Advanced analytics powered by a Power BI dashboard, providing deep insights for comprehensive expense analysis, empowering informed decision-making and strategic planning. Mobile application for Android and iOS, allowing users to create and approve expenses, view reports, check reimbursement status, capture mileage via GPS, make small payments through UPI, and automatically generate expense items from UPI payments. Expense auditing, integration with Google APIs for mileage tracking, and split expense capabilities. Yatra's Expense management Solution is rigorously tested for reliability, including load and stress testing to accommodate up to 150 simultaneous connections (users) submitting expense data concurrently. This ensures uninterrupted performance even during peak usage periods, guaranteeing a seamless experience for all users. Announcement • May 25
Yatra Online, Inc. to Report Q4, 2024 Results on May 30, 2024 Yatra Online, Inc. announced that they will report Q4, 2024 results on May 30, 2024 Announcement • Feb 09
Yatra Online, Inc. to Report Q3, 2024 Results on Feb 14, 2024 Yatra Online, Inc. announced that they will report Q3, 2024 results Pre-Market on Feb 14, 2024 Announcement • Nov 18
Yatra Online, Inc. (NasdaqCM:YTRA) announces an Equity Buyback for $5 million worth of its shares. Yatra Online, Inc. (NasdaqCM:YTRA) announces a share repurchase program. Under the program, the company will repurchase up to $5 million worth of shares. The share repurchase program is valid over an unlimited time period. Announcement • Nov 10
Yatra Online, Inc. to Report Q2, 2024 Results on Nov 17, 2023 Yatra Online, Inc. announced that they will report Q2, 2024 results Pre-Market on Nov 17, 2023 Announcement • Oct 05
Yatra Online, Inc. to Report Q1, 2024 Results on Oct 16, 2023 Yatra Online, Inc. announced that they will report Q1, 2024 results at 9:30 AM, US Eastern Standard Time on Oct 16, 2023 Announcement • Sep 15
Yatra Online, Inc. announced that it has received INR 3.487399868 billion in funding from a group of investors Yatra Online, Inc. announced a private placement to issue 24,559,154 shares at an issue price of INR 142 per share for the gross proceeds of INR 3,487,399,868 on September 14, 2023. The transaction included participation from new investors ICICI Prudential Mutual Fund (MF), Mirae Asset MF, Tata MF, Bandhan MF, Max Life Insurance, Bajaj Allianz Life Insurance, Massachusetts Institute of Technology, Morgan Stanley Asia (Singapore) Pte, Goldman Sachs (Singapore) Pte, Bofa Securities Europe SA, Societe Generale, BNP Paribas Arbitrage and Quantum State Investment Fund and other anchor investors. Announcement • Sep 02
Yatra Online, Inc., Annual General Meeting, Sep 28, 2023 Yatra Online, Inc., Annual General Meeting, Sep 28, 2023, at 18:00 Indian Standard Time. Location: Gulf Adiba, Plot No. 272, 4th Floor, Udyog Vihar, Phase-II, Sector-20, Gurugram-122008, Haryana Haryana India Agenda: To consider Approval of an ordinary resolution to re-appoint Ms. Neelam Dhawan, Class I director nominee, to the Board of Directors to serve for a three-year term expiring at the 2026 annual general meeting; to consider Approval of an ordinary resolution to re-appoint Mr. Roshan Mendis, Class I director nominee, to the Board of Directors to serve for a three-year term expiring at the 2026 annual general meeting; to consider Approval of an ordinary resolution to re-appoint Mr. Michael A. Kaufman, Class I director nominee, to the Board of Directors to serve for a three-year term expiring at the 2026 annual general meeting; to consider Approval of an ordinary resolution to ratify the appointment of Ernst & Young Associates LLP as independent registered public accountant for the fiscal year ending March 31, 2024; and to consider other matters. Announcement • Aug 01
Yatra Online, Inc. announced delayed 20-F filing On 07/31/2023, Yatra Online, Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC. Announcement • May 26
Yatra Online, Inc. to Report Q4, 2023 Results on May 30, 2023 Yatra Online, Inc. announced that they will report Q4, 2023 results at 9:30 AM, US Eastern Standard Time on May 30, 2023 Breakeven Date Change • Nov 30
Forecast breakeven date pushed back to 2024 The 2 analysts covering Yatra Online previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 84% to 2023. The company is expected to make a profit of ₹538.1m in 2024. Average annual earnings growth of 187% is required to achieve expected profit on schedule. Announcement • Nov 19
Yatra Online, Inc. to Report Q2, 2023 Results on Nov 29, 2022 Yatra Online, Inc. announced that they will report Q2, 2023 results at 9:30 AM, US Eastern Standard Time on Nov 29, 2022 Breakeven Date Change • Sep 13
Forecast breakeven date moved forward to 2023 The 3 analysts covering Yatra Online previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of ₹283.2m in 2023. Earnings growth of 126% is required to achieve expected profit on schedule. Announcement • Sep 09
Yatra Online, Inc. Appoints Rohan Mittal as Group Chief Financial Officer Yatra Online, Inc. announced that it appointed Rohan Mittal to the position of Group Chief Financial Officer. Mr. Mittal will join the Company effective 08 September 2022 and comes to the Company with more than 20 years of financial, accounting and merger and acquisition experience. Mr. Mittal will lead the Company's finance and accounting departments and will report directly to Dhruv Shringi. Most recently, Mr. Mittal served as CFO for Rivigo, a logistics company. Prior to Rivigo, he was the CFO at Gati Limited a publicly listed company, and has held senior leadership roles at All-Cargo Logistics and PwC India. He holds a Master of Business Administration from the Indian Institute of Management, Lucknow. Breakeven Date Change • Aug 26
Forecast breakeven date pushed back to 2024 The 2 analysts covering Yatra Online previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 87% to 2023. The company is expected to make a profit of ₹682.9m in 2024. Average annual earnings growth of 141% is required to achieve expected profit on schedule. Announcement • Aug 24
Yatra Online, Inc. to Report Q1, 2023 Results on Aug 30, 2022 Yatra Online, Inc. announced that they will report Q1, 2023 results at 9:30 AM, US Eastern Standard Time on Aug 30, 2022 Reported Earnings • Aug 04
Full year 2022 earnings released: ₹7.66 loss per share (vs ₹20.38 loss in FY 2021) Full year 2022 results: ₹7.66 loss per share (up from ₹20.38 loss in FY 2021). Revenue: ₹1.99b (up 56% from FY 2021). Net loss: ₹477.9m (loss narrowed 59% from FY 2021). Over the next year, revenue is forecast to grow 137%, compared to a 702% growth forecast for the restaurants industry in Germany. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Jul 01
Yatra Online, Inc., Annual General Meeting, Aug 05, 2022 Yatra Online, Inc., Annual General Meeting, Aug 05, 2022, at 18:00 Indian Standard Time. Location: Gulf Adiba, Plot No. 272, 4th Floor, Udyog Vihar, Phase-II, Sector-20, Gurugram-122008, Haryana Gurugram India Agenda: To consider the Approval of an ordinary resolution to re-appoint Mr. Dhruv Shringi, Class III director nominee, to the Board of Directors to serve for a three-year term expiring at the 2025 annual general meeting; approval of an ordinary resolution to ratify the appointment of Ernst & Young Associates LLP as independent registered public accountant for the fiscal year ending March 31, 2023; and Approval of a special resolution to adopt Seventh Amended and Restated Memorandum and Articles of Association of the Company. Reported Earnings • Jun 04
Full year 2022 earnings released Full year 2022 results: Revenue: ₹1.99b (up 56% from FY 2021). Net loss: ₹477.9m (loss narrowed 59% from FY 2021). Over the next year, revenue is forecast to grow 217%, compared to a 32% growth forecast for the restaurants industry in Germany. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Jun 03
Yatra Online, Inc. to Report Q4, 2022 Results on Jun 03, 2022 Yatra Online, Inc. announced that they will report Q4, 2022 results Pre-Market on Jun 03, 2022 Reported Earnings • Apr 06
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₹627.1m (up 103% from 3Q 2021). Net loss: ₹143.3m (loss narrowed 33% from 3Q 2021). Over the next year, revenue is forecast to grow 176%, compared to a 116% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • Mar 31
Yatra Online, Inc. to Report Q3, 2022 Results on Apr 01, 2022 Yatra Online, Inc. announced that they will report Q3, 2022 results Pre-Market on Apr 01, 2022 Reported Earnings • Dec 24
Second quarter 2022 earnings: EPS in line with expectations, revenues disappoint Second quarter 2022 results: ₹2.23 loss per share (up from ₹4.88 loss in 2Q 2021). Revenue: ₹450.5m (up 71% from 2Q 2021). Net loss: ₹138.8m (loss narrowed 53% from 2Q 2021). Revenue missed analyst estimates by 50%. Over the next year, revenue is forecast to grow 157%, compared to a 24% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Breakeven Date Change • Sep 23
Forecast to breakeven in 2023 The 2 analysts covering Yatra Online expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of ₹21.1m in 2023. Average annual earnings growth of 114% is required to achieve expected profit on schedule. Reported Earnings • Aug 04
Full year 2021 earnings released: ₹20.38 loss per share (vs ₹17.94 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: ₹1.27b (down 83% from FY 2020). Net loss: ₹1.18b (loss widened 41% from FY 2020). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 10
Full year 2021 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: ₹1.27b (down 83% from FY 2020). Net loss: ₹1.18b (loss widened 41% from FY 2020). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Announcement • Jun 09
Yatra Online, Inc. Reports Impairment of Goodwill for the Fourth Quarter Ended March 31, 2021 Yatra Online, Inc. reported impairment of goodwill of INR 264,909,000 against INR 221,999,000 for the fourth quarter ended March 31, 2021. Recent Insider Transactions • May 26
Insider recently bought €3.8m worth of stock On the 24th of May, Cobb Sadler bought around 2m shares on-market at roughly €1.79 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Is New 90 Day High Low • Feb 09
New 90-day high: €2.12 The company is up 145% from its price of €0.86 on 10 November 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.04 per share. Reported Earnings • Feb 07
Third quarter 2021 earnings released: ₹3.52 loss per share (vs ₹2.42 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ₹309.1m (down 84% from 3Q 2020). Net loss: ₹214.7m (down 291% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Announcement • Jan 28
Yatra Online, Inc. to Report Q3, 2021 Results on Feb 04, 2021 Yatra Online, Inc. announced that they will report Q3, 2021 results Pre-Market on Feb 04, 2021 Is New 90 Day High Low • Jan 14
New 90-day high: €2.04 The company is up 232% from its price of €0.61 on 15 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.20 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €1.97 The company is up 279% from its price of €0.52 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.02 per share. Announcement • Nov 25
Yatra Online Regains Compliance with NASDAQ Minimum Bid Price Requirement Yatra Online, Inc. announced that it has received a letter from the Listing Qualifications Department of The Nasdaq Stock Market, Inc. notifying the Company that it has regained compliance with the NASDAQ Capital Market's minimum bid price continued listing requirement. The letter noted that for at least 10 consecutive business days, from November 9 through November 23, 2020, the closing bid price of the Company's ordinary shares has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with NASDAQ Marketplace Rule 5550(a)(2) and NASDAQ considers the matter closed. Is New 90 Day High Low • Nov 13
New 90-day high: €0.96 The company is up 72% from its price of €0.56 on 14 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 12% over the same period. Announcement • Oct 28
Yatra Online, Inc. to Report Q2, 2021 Results on Nov 05, 2020 Yatra Online, Inc. announced that they will report Q2, 2021 results at 9:00 AM, Indian Standard Time on Nov 05, 2020 Is New 90 Day High Low • Oct 21
New 90-day high: €0.64 The company is up 9.0% from its price of €0.58 on 23 July 2020. The German market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Online Retail industry, which is up 16% over the same period. Announcement • Sep 30
Yatra Online, Inc. to Report Q1, 2021 Results on Sep 09, 2020 Yatra Online, Inc. announced that they will report Q1, 2021 results at 9:00 AM, Indian Standard Time on Sep 09, 2020 Announcement • Sep 21
Yatra Online, Inc.(NasdaqCM:YTRA) dropped from S&P Global BMI Index Yatra Online, Inc.(NasdaqCM:YTRA) dropped from S&P Global BMI Index Announcement • Aug 02
Yatra Online Receives Nasdaq Notification Letter Yatra Online, Inc. announced that on July 29, 2020, the Company received a letter from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market ("Nasdaq") notifying the Company that, for the last 30 consecutive business days, the Company's ordinary shares had not maintained a minimum closing bid price of $1.00 per share (the "Minimum Bid Price Requirement") pursuant to Nasdaq Listing Rule 5550(a)(2). The Nasdaq letter does not result in the immediate delisting of the Company's ordinary shares from The Nasdaq Capital Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the "Compliance Period Rule"), the Company has been provided an initial period of 180 calendar days, or until January 25, 2021 (the "Compliance Date"), to regain compliance with the Minimum Bid Price Requirement. If, at any time during this 180-day period, the closing bid price for the Company's ordinary shares closes at $1.00 or more per share for a minimum of 10 consecutive business days, as required under the Compliance Period Rule, the Staff will provide written notification to the Company that it complies with the Minimum Bid Price Requirement and the ordinary shares will continue to be eligible for listing on The Nasdaq Capital Market. If the Company does not regain compliance with the Minimum Bid Price Requirement by the Compliance Date, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would have to meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the Minimum Bid Price Requirement, and the Company would need to provide written notice to Nasdaq of its intention to cure the deficiency during the additional compliance period, by effecting a reverse stock split, if necessary. If the Company is not eligible for the additional compliance period or it appears to the Staff that the Company will not be able to cure the deficiency or if the Staff exercises its discretion to not provide such additional compliance period, the Staff will provide written notice to the Company that its ordinary shares will be subject to delisting. At that time, the Company may appeal the Staff's delisting determination to a Nasdaq Hearing Panel (the "Panel"). The Company expects that its ordinary shares would remain listed pending the Panel's decision. There can be no assurance that, if the Company does appeal the Staff's delisting determination to the Panel, such appeal would be successful. The Company intends to monitor the closing bid price of its ordinary shares and may, if appropriate, consider available options to regain compliance with the Minimum Bid Price Requirement, which could include seeking to effect a reverse stock split. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement, secure a second period of 180 days to regain compliance, or maintain compliance with any of the other Nasdaq continued listing requirements. 
