This deficiency letter does not result in the immediate delisting of the Company's securities.

Token Cat Limited (NASDAQ:TC) has announced that it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market Inc.(Nasdaq) stating that the Company is no longer in compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules.

According to the Deficiency Letter, the company's closing bid price per American depositary share (ADS), each representing two hundred and forty (240) Class A ordinary shares, par value US$0.0001 per share, of the Company, has been below US$1.00 for a period of 30 consecutive business days.

The Deficiency Letter does not result in the immediate delisting of the Company's securities.

Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until September 15, 2025 (the "Compliance Period"), to regain compliance with the minimum bid price requirement.

If at any time during the Compliance Period, the closing bid price per ADS is at least US$1.00 for a minimum of 10 consecutive business days, the Exchange will provide the Company a written confirmation of compliance and the matter will be closed.

In the event that the Company does not regain compliance by September 15, 2025, subject to the determination by the staff of the Exchange, it may be eligible for an additional 180 calendar days compliance period if it meets the continued listing requirements for market value of publicly held shares and all other initial listing standards, with the exception of bid price requirement, of the Nasdaq Capital Market, and provides written notice to the Exchange of its intention to cure the deficiency.

The company intends to monitor the closing bid price of its ADSS closely between now and September 15, 2025 and is considering its options, including an adjustment of its ADS-to-Class A ordinary share ratio, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.

The company is currently in compliance with all other Nasdaq continued listing standards. The Deficiency Letter does not affect the company's business operations, its U.S. Securities and Exchange Commission reporting requirements or contractual obligations.

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