Shenzhen, China, December 21, 2021 /PRNewswire/ — China Online Education Group (“51Talk” or the “Company”) (NYSE: COE) today announced that it has received a letter dated December 20, 2021 (the “Letter”) of the New York Stock Exchange (the “NYSE”), notifying the Company that it is below compliance standards due to the Company’s total market capitalization and equity.
In accordance with applicable NYSE Continuous Listing Standards, a company would be considered “below criteria” by the NYSE if its total market capitalization is less than $50 million over a period of 30 business days and its shareholders’ equity is less than $50 million. A review of the Company’s current financial condition by the NYSE shows that at December 17, 2021the Company’s average market capitalization over 30 trading days was approximately $39.3 million and its most recently declared shareholders’ equity June 30, 2021 was roughly negative $134.2 million. As a result, the company is now subject to the procedures set forth in Sections 801 and 802 of the NYSE Listed Company Manual, and is required to respond within 90 days of the letter with a business plan that demonstrates compliance with the maintenance standard. registration within 18 months of receipt of the Letter. The business plan will be reviewed for final decision by the NYSE Listing Operations Committee.
To resolve this issue, the Company intends to comply with applicable procedures and is considering its options for compliance.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements that are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terminology such as that “expects”, “anticipates”, “aims”, “future”, “intends”, “plans”, “believes”, “estimates”, “is likely to” and 51Talk may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“SEC”), 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. Statements that are not historical facts, including statements about 51Talk’s beliefs and expectations, are professional statements. perspectives. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in 51Talk’s filings with the SEC. All information provided in this press release is as of the date of this press release, and 51Talk undertakes no obligation to update any forward-looking statements except as required by applicable law.
About China Online Education Group
China Online Education Group (NYSE: COE) is a leading online education platform in China, with basic expertise in teaching English. The company’s mission is to make quality education accessible and affordable. The Company’s online and mobile education platforms allow students to China to take live interactive English lessons with foreign teachers abroad, on demand. The company connects its students with a large pool of highly qualified overseas teachers it has brought together using a shared economy approach, and uses student and teacher feedback and data analytics to deliver an experience personalized learning to its students.
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China Online Education Group
SOURCE China Online Education Group