BEIJING, Nov. 16,
2023 /PRNewswire/ — Tarena International, Inc.
(NASDAQ: TEDU) ("Tarena" or the "Company"), a leading provider of
IT professional education and IT-focused supplementary STEAM
education services in China, today
announced that on November 15, 2023,
the Listing Qualifications department of the Nasdaq Stock Market
LLC ("Nasdaq") approved the Company's request to transfer the
listing of the Company's American Depositary Shares (the "ADSs")
from the Nasdaq Global Select Market to the Nasdaq Capital Market.
The transfer is expected to take effect at the opening of business
on November 17, 2023.
As previously disclosed, on July 28,
2023, the Company received a written notification from the
Staff of the Listing Qualifications Department of
the Nasdaq Stock Market LLC ("Nasdaq") indicating that
the Company no longer meets the continued listing requirement of
minimum Market Value of Publicly Held Shares ("MVPHS") for the
Nasdaq Global Select Market, as set forth in the Nasdaq Listing
Rule 5450(b)(2)(C), because the Company's MVPHS for the last 30
consecutive business days was below the minimum MVPHS requirement
of US$15,000,000. Pursuant to the Nasdaq Listing Rules, the
applicable grace period to regain compliance is 180 calendar days,
or until January 24, 2024.
The Company expects to meet all of the continued listing
requirements for the Nasdaq Capital Market, including the
requirement on minimum MVPHS as set forth in Nasdaq Listing Rule
5550(a)(5) upon the transfer. The transfer of the Company's listing
to the Nasdaq Capital Market is not expected to have any impact on
trading in the Company's ADSs. The Company's ADSs will continue to
trade uninterruptedly under the symbol "TEDU." The Nasdaq Capital
Market operates in substantially the same manner as the Nasdaq
Global Select Market, and companies on the Nasdaq Capital Market
must meet certain financial and corporate governance requirements
to qualify for continued listing.
About Tarena International, Inc.
Tarena is a leading provider of IT professional education and
IT-focused supplementary STEAM 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. Its 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 IT-focused supplementary
STEAM education programs, including computer coding and robotics
programming courses, etc., targeting students between three and
eighteen years of age. Aiming to encourage "code to learn," Tarena
embraces the latest trends in STEAM education and technology to
develop children's logical thinking and learning abilities while
allowing them to discover their interests and potential.
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.
For further information, please contact:
Investor Relations Contact
Tarena International, Inc.
Email: ir@tedu.cn
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SOURCE Tarena International, Inc.