BEIJING, May 17, 2019 /PRNewswire/ -- Tarena
International, Inc. (NASDAQ: TEDU) ("Tarena" or the "Company"), a
leading provider of professional education services in China, today announced that it received a
notification letter from Nasdaq Listing Qualifications ("Nasdaq")
stating that the Company was not in compliance with Nasdaq Listing
Rule 5250(c)(1) due to its failure to timely file its Annual Report
on Form 20-F for the year ended December 31, 2018 (the "2018 Form
20-F").
The Company had previously filed Form 12b-25 to extend the
filing deadline for its 2018 Form 20-F. The Company was not able to
file its annual report on Form 20-F for the year ended December 31, 2018 by the prescribed filing
deadline of April 30, 2019 without
unreasonable effort or expense because (i) the Company was unable
to finish preparing its financial statements for the periods to be
included in the annual report by the prescribed filing deadline;
and (ii) the independent audit committee of the Company's board of
directors is conducting a review of certain issues identified
during the course of the audit of the Company's financial
statements for the year ended December 31,
2018, including issues related to the Company's revenue
recognition. The Company expects that its historical disclosure of
unaudited financial results for each quarter and full year of the
fiscal year ended December 31, 2018
may need to be restated and should not be relied upon, pending the
completion of its audited financial statements and the review
conducted by its independent audit committee. The Company expects
to file its annual report on Form 20-F once the financial
statements for inclusion therein become available and the
independent audit committee's review is completed.
The Nasdaq notification letter provides the Company 60 calendar
days from the date of the notification, or until July 15, 2019, to submit a plan to Nasdaq to
regain compliance with the Nasdaq's continued listing requirements.
If the plan is accepted, Nasdaq can grant an exception of up to 180
calendar days, or until October 28,
2019, for the Company to regain compliance. The Company may
regain compliance at any time during this 180-day period by filing
its 2018 Form 20-F. If Nasdaq does not accept the Company's
compliance plan, the Company will have the opportunity to appeal
that decision to a Hearing Panel under Listing Rule 5815(a). The
Nasdaq notification letter has no immediate effect on the listing
of the Company's American depositary shares on the Nasdaq Stock
Market.
Safe Harbor Statement
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 U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Tarena may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. 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 fourth parties. Any statements
that are not historical facts, including any statements about
Tarena's beliefs and expectations, are forward-looking statements.
Many factors, risks and uncertainties could cause actual results to
differ materially from those in the forward-looking statements.
Such factors and risks include, but not limited to the following:
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 tailor its
curriculum to market demand and enhance its courses to adequately
and promptly respond to developments in the professional job
market; its ability to maintain or enhance its brand recognition,
its ability to maintain high job placement rate for its students,
and its ability to maintain cooperative relationships with
financing service providers for student loans. Further information
regarding these and other risks, uncertainties or factors is
included in Tarena's filings with the U.S. Securities and Exchange
Commission. All information provided in this press release is
current as of the date of the press release, and Tarena does not
undertake any obligation to update such information, except as
required under applicable law.
About Tarena International, Inc.
Tarena International, Inc. (NASDAQ: TEDU) is a leading provider
of professional education services in China. Through its innovative education
platform combining live distance instruction, classroom-based
tutoring and online learning modules, Tarena offers professional
education courses in IT and non-IT subjects. Tarena also offers kid
education programs. Its professional education courses provide
students with practical skills to prepare them for jobs in
industries with significant growth potential and strong hiring
demand.
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SOURCE Tarena International, Inc.