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Yalla Group Limited

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The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Yalla conducted its initial public offering (“IPO”) on or around September 30, 2020. The Company issued 18.6 million American depositary shares (“ADSs”) priced at $7.50 per ADS. The Company announced its unaudited third quarter 2020 financial results on November 9, 2020. The Company reported GAAP EPS of -$0.43 and costs of “$US64.7 million . . . compared with US$8.6 million in the same period last year.” The Company stated: “[t]he increase was primarily due to the recognition of share-based compensation of US$46.5 million upon our listing on the New York Stock Exchange on September 30, 2020. We granted a substantial amount of share options before the IPO but did not recognize any share-based compensation in prior periods because the exercisability of the options granted was conditional upon the completion of our IPO. Upon our listing on the NYSE, we immediately recognized a substantial amount of share-based compensation expenses associated with all outstanding options that were vested as of September 30, 2020.” Based on this announcement, the Company’s ADS price fell by more than 17% on November 10, 2020.

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