BEIJING, December 14, 2021 / PRNewswire / – Tarena International, Inc. (NASDAQ: TEDU) (“Tarena” or the “Company”), a leading provider of quality adult vocational and children’s education services and teens in China, today announced that it has received a written notification from the staff of the listing qualifications department of Nasdaq Stock Market LLC (“Nasdaq”) dated December 10, 2021, indicating that, given that the closing bid price of the shares of The Company’s US filing (“ADS”) during the last 30 consecutive business days was less than US $ 1.00 per share, the Company no longer meets the minimum bid price requirement for the Nasdaq Global Select market, set out in Nasdaq Listing Rule 5450 (a) (1) Pursuant to the Nasdaq Listing Rules, the applicable grace period for restoring compliance is 180 calendar days, or until June 8, 2022. The Company may remedy to this deficiency if the closing bid price of its ADS is $ 1.00 per share or more for at least ten consecutive business days during the grace period.
As previously announced on December 1, 2021, the Company is in the process of modifying the ratio of its ADS to its Class A common shares (the “ADS Ratio”) from the current ADS ratio of one (1) ADS to one (1) Class A common share to a new ADS Ratio of one (1) ADS for five (5) Class A common shares, which is expected to come into effect on or about 23 December 2021, provided that the SEC has declared the post-effective change to the ADS registration statement on Form F-6 in effect. Due to the change in ADS ratio, the ADS trading price is expected to increase proportionately. The Company believes that the change in the ADS ratio will help it re-comply with the minimum bid price requirement. However, the Company cannot guarantee that this objective will be achieved.
About Tarena International, Inc.
Tarena is a leading provider of professional adult education and quality education services for children and adolescents in China. Through its innovative educational platform combining live distance learning, classroom tutoring and e-learning modules, Tarena offers vocational training courses for adults in both computer and non-computer subjects. Its vocational training courses for adults provide students with practical skills to prepare them for jobs in sectors with significant growth potential and high demand for hiring. Tarena also offers quality education programs for children and adolescents, including courses in computer coding and robotic programming, etc., targeting students between the ages of three and eighteen.
Safe Harbor Declaration
This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the US Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terms such as “will”, “expects”, “anticipates”, “the future”, “intends”, “plans”, “believes”, “estimates”, “” “ confident ”and similar statements. Tarena may also make written or oral forward-looking statements in its reports filed or provided 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 Tarena. its officers, directors or employees to third parties. All statements that are not historical facts, including business prospects and statements regarding Tarena’s beliefs and expectations, are forward-looking statements. Many factors, risks and uncertainties could cause actual results to differ materially from those of forward-looking statements. Such factors and risks include, but are not limited to: the impact of the COVID-19 outbreak; Tarena’s goals and strategies; its future business development, financial condition and results of operations; its ability to continue to attract students to enroll in its courses; its ability to continue to recruit, train and retain qualified instructors and teaching assistants; its ability to continually adapt its program to market demand and improve its courses to respond adequately and rapidly to changes in the professional labor market; its ability to maintain or improve brand awareness, its ability to maintain a high placement rate for its students, and its ability to maintain cooperative relationships with providers of student loan financing services. Further information regarding these and other risks, uncertainties or factors is included in the documents filed by Tarena with the United States Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tarena assumes no obligation to update such information, except as required by applicable law.
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SOURCE Tarena International, Inc.