SHANGHAI, Aug. 4, 2021 /PRNewswire/ -- OneSmart
International Education Group Limited ("OneSmart" or the "Company")
(NYSE: ONE), a leading education company in China, today announced that, it has received a
letter from the New York Stock Exchange (the "NYSE") dated
August 3, 2021, notifying OneSmart
that it is below compliance criteria in connection with the
performance of trading price of OneSmart's American depositary
shares (the "ADSs").
Pursuant to NYSE rule 802.01C, a company will be considered to
be below compliance criteria if the average closing price of a
security as reported on the consolidated tape is less than
US$1.00 over a consecutive 30
trading-day period. Once notified, the company must bring its share
price and average share price back above US$1.00 by six months following receipt of the
notification. The company can regain compliance at any time during
the six-month cure period if on the last trading day of any
calendar month during the cure period the company has a closing
share price of at least US$1.00 and
an average closing share price of at least US$1.00 over the 30 trading-day period ending on
the last trading day of that month. In the event that at the
expiration of the six-month cure period, both a US$1.00 closing share price on the last trading
day of the cure period and a US$1.00
average closing share price over the 30 trading-day period ending
on the last trading day of the cure period are not attained, the
NYSE will commence suspension and delisting procedures.
To address this issue, the Company intends to monitor the market
conditions of its listed securities and is still considering its
options.
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. OneSmart 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 statements about
OneSmart's beliefs and expectations, are forward-looking statements
that involve factors, risks and uncertainties that 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: OneSmart's goals and strategies; its
future business development, financial condition and results of
operations; its ability to continue to penetrate premium K-12
after-school education services market; diversify and enrich our
education offerings; enhance the development and management of our
teacher team and teaching materials; competition in our industry
in China; its ability to maintain and expand online education
presence; relevant government policies and regulations relating to
the corporate structure, business and industry; and its ability to
protect our students' information and adequately address privacy
concerns. Further information regarding these and other risks,
uncertainties or factors is included in the Company'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 the Company does not undertake any obligation to
update such information, except as required under applicable
law.
About OneSmart
Founded in 2008 and headquartered in Shanghai, OneSmart International Education
Group Limited is a leading education company in China. Our vision is to be the most trusted
and heart-warming education company and our mission is POWER
LEARNING changes the future with technology advancement. Our
company culture is centered on the core values of customer focus,
excellence, integrity, and technology and innovation. As of
February 28, 2021, OneSmart operates
a nationwide network of 457 learning centers in China.
For more information on OneSmart, please visit
http://ir.onesmart.org/.
For further information, please contact:
OneSmart
Ms. Ida Yu
+86-21-2250-5891
E-mail: ir@onesmart.org
ICA (Institutional Capital Advisory)
Mr. Kevin Yang
Phone: +86-21-8028-6033
E-mail: onesmart@icaasia.com
View original
content:https://www.prnewswire.com/news-releases/onesmart-announces-receipt-of-nyse-non-compliance-letter-regarding-ads-trading-price-301348077.html
SOURCE OneSmart