Nasdaq Notifies Tarena Of Minimum Bid Price Requirement

(RTTNews) - Tarena International, Inc. (TEDU) a Chinese provider of adult professional education services said on Tuesday that it received a communication from Nasdaq on minimum bid price requirement as its stock was trading below $1 per American Depositary Share or ADS, for the 30 consecutive trading days.

The company said it is moving ahead with the initiatives to change the ratio of its ADSs to its ordinary shares.

However, Tarena said it can't give any assurance to its shareholders that it will be able to meet the Nasdaq requirements to regain its previous status when ADS ratio change comes into force.

The education service provider is now changing the ratio of its ADSs to its Class A ordinary shares from the current ADS Ratio of one ADS to one Class A ordinary share, to a new ADS Ratio of one ADS to five Class A ordinary shares, which is expected to become effective on or about December 23, 2021.

Tarena has an applicable grace period of 180 calendar days to regain compliance. The Beijing-headquartered firm can regain its status if the closing bid price of its ADS is $1 or higher for at least ten consecutive business days during the grace period which is scheduled to end on June 8, 2022.