BEIJING, December 14, 2021 /PRNewswire/ -- Tarena
International, Inc. (NASDAQ: TEDU) ("Tarena" or the "Company"), a
leading provider of adult professional education and childhood
& adolescent quality education services in China, today announced that it received a
written notification from the Staff of the Listing
Qualifications Department of the Nasdaq Stock Market
LLC ("Nasdaq") dated December 10, 2021, indicating that
because the closing bid price of the Company's American Depositary
Shares ("ADSs") for the last 30 consecutive business days was
below US$1.00 per share, the Company no longer meets the
minimum bid price requirement for the Nasdaq Global Select Market,
set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq
Listing Rules, the applicable grace period to regain compliance is
180 calendar days, or until June 8, 2022. The Company can cure
this deficiency if the closing bid price of its ADS
is $1.00 per share or higher 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 changing the ratio of
its ADSs to its Class A ordinary shares (the "ADS Ratio") from the
current ADS Ratio of one (1) ADS to one (1) Class A ordinary share
to a new ADS Ratio of one (1) ADS to five (5) Class A ordinary
shares, which is expected to become effective on or about
December 23, 2021, subject to the SEC
having declared the post-effective amendment to the ADS
Registration Statement on Form F-6 to be effective. As a result of
the change in the ADS Ratio, the ADS trading price is expected to
increase proportionally. The Company believes that the change in
the ADS ratio will help the Company to regain compliance with the
minimum bid price requirement. However, the Company can give no
assurance that this goal will be achieved.
About Tarena International, Inc.
Tarena is a leading provider of adult professional education and
childhood and adolescent quality education services in
China. Through its innovative
education platform combining live distance instruction,
classroom-based tutoring and online learning modules, Tarena offers
adult professional education courses in IT and non-IT subjects. Its
adult professional education courses provide students with
practical skills to prepare them for jobs in industries with
significant growth potential and strong hiring demand. Tarena also
offers childhood and adolescent quality education programs,
including computer coding and robotics programming courses, etc.,
targeting students aged between three and eighteen.
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 third parties. Any statements
that are not historical facts, including any business outlook and
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: 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 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.
View original
content:https://www.prnewswire.com/news-releases/tarena-announces-receipt-of-nasdaq-notification-regarding-minimum-bid-price-and-expects-to-regain-compliance-after-the-ads-ratio-change-301443819.html
SOURCE Tarena International, Inc.