UCLOUDLINK GROUP INC. provides an update on the status under

HONG KONG, May 09, 2022 (GLOBE NEWSWIRE) — UCLOUDLINK GROUP INC. (“uCloudlink” or the “Company”) (NASDAQ:UCL), the world’s first and leading mobile data traffic sharing marketplace, today provides an update on its status under the Foreign Corporate Liability (“HFCAA”).

The Company understands that it was provisionally identified by the United States Securities and Exchange Commission (the “SEC”) as a Commission-Identified Issuer under the HFCAA on May 4, 2022, Eastern United States. The Company understands that this identification may have resulted from the filing of the Annual Report on Form 20-F for the fiscal year ended December 31, 2021 with the SEC on April 27, 2022.

The Company understands that the SEC has made this identification pursuant to the HFCAA and its Implementing Rules issued thereunder, and this indicates that the SEC determines that the Company has engaged an expert firm- registered accountants whose working paper cannot be fully inspected or studied by the Public Company Accounting Oversight Board of the United States (the “PCAOB”) to issue the audit opinion on its financial statements for the year ended December 31, 2021.

Pursuant to the HFCAA, if the SEC determines that the Company has filed audit reports issued by a registered public accounting firm that has not been inspected by the PCAOB for three consecutive Beginning in 2021, the Company’s shares or U.S. depositary shares will be prohibited by the SEC from trading on a national stock exchange or over-the-counter market in the United States.

The Company actively explored possible solutions. It will continue to comply with applicable laws and regulations in China and the United States and strive to maintain its listed status on the Nasdaq stock market.

About UCLOUDLINK GROUP INC.

uCloudlink is the world’s first and largest mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry. The Company’s products and services offer unique value propositions to mobile data users, handset and smart hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative cloud SIM technology and architecture, the company has redefined the mobile data connectivity experience by enabling users to access mobile data traffic allocation shared by network operators in its market , while offering reliable connectivity, high speeds and competitive prices.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “future”, “intends”, “plans”, “believes”, “estimates”, “confident” and similar statements. uCloudlink may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers. , directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about uCloudlink’s beliefs and expectations, are forward-looking statements. 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: uCloudlink’s strategies; the future business development, financial condition and results of operations of uCloudlink; uCloudlink’s ability to increase its user base and usage of its mobile data connectivity services, and improve its operational efficiency; competition in the global mobile data connectivity services industry; changes in uCloudlink’s revenues, costs or expenses; government policies and regulations relating to the global mobile data connectivity services industry, general economic and business conditions globally and in China; the impact of the COVID-19 pandemic on uCloudlink’s business operations and the economy in China and elsewhere generally; and assumptions underlying or relating to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and uCloudlink undertakes no obligation to update such information except as required by applicable law.

For investor and media inquiries, please contact:

UCLOUDLINK GROUP INC.
Jillian Zeng
Tel: +852-2180-6111
Email: [email protected]

Investor Relations:
Equity Group Inc.
Alice Zhang, Investor Relations Analyst
Tel: +1-212-836-9610
Email: [email protected]

In China:
Lucy Ma, Partner
Tel: +86 10 5661 7012
Email: [email protected]

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