Token Cat Limited Announces That It Received a Notification Letter from The Nasdaq Stock Market Inc.

Token Cat Limited ("Token Cat" or the "Company") TC, a leading automotive marketplace in China, today announced that it received a

Token Cat Limited (NASDAQ: TC), a leading automotive marketplace in China, today received a notification letter dated March 19, 2025 (the "Deficiency Letter") from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the "Nasdaq"), indicating 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.

The Deficiency Letter stated that the Company's closing bid price per American depositary share (the "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.

The company's stock closed Thursday at 78 cents.

According to the Nasdaq rules, if any security is not in compliance with the minimum bid price requirement, the exchange will provide the company with a compliance period of 180 calendar days to regain compliance. If at any time during the Compliance Period, the closing bid price is at least US$1.00 for a minimum of 10 consecutive business days, Nasdaq will notify the company of its recovery from the bid price deficiency.

If the company does not regain compliance by September 15, 2025, the company 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 Nasdaq of its intention to cure the deficiency.

The company intends to monitor the closing bid price of its ADSs 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.

Founded in 2010, Token Cat Limited, formerly known as TuanChe Limited (NASDAQ: TC), is China's leading automotive marketplace platform. Token Cat is dedicated to connecting automotive consumers with manufacturers, dealers, and service providers. By integrating its digital platforms with offline sales events, Token Cat offers comprehensive automotive marketing and transaction services.

Through its integrated marketing strategies, Token Cat transforms individual and independent car purchases into large-scale group buying experiences, using an interactive many-to-many model. Furthermore, leveraging its proprietary data analytics and advanced digital marketing system, Token Cat's online marketing service platform helps industry customers increase the efficiency and effectiveness of their advertising placements. Token Cat is currently exploring ways to enter into the cryptocurrency sector.