OneSmart International Education Group Announces Receipt of NYSE Non-Compliance Letter
SHANGHAI, March 09, 2022 (GLOBE NEWSWIRE) -- OneSmart International Education Group Limited ("OneSmart" or the "Company") (NYSE: ONE)
today announced that it has received a letter dated February 7, 2022 (the "Letter") from 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 stockholders' equity as outlined in section 802.01 of the NYSE Listed Company Manual.
Pursuant to applicable NYSE continued listing standards, a company would be considered "below criteria" by the NYSE if its total market capitalization is less than US$50 million over a 30 trading-day period and its stockholders' equity is less than US$50 million. A review of the current financial condition of the Company by the NYSE shows that, as of February 7, 2022, the Company's 30 trading-day average market capitalization was approximately $39.7 million and its last reported stockholders' equity as of February 28, 2021 was approximately $22.3 million. Accordingly, the Company is now subject to the procedures as 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 applicable continued listing standards within 18 months of receipt of the Letter. The business plan will be reviewed for final disposition by the Listings Operations Committee of the NYSE.
To address this issue, the Company intends to comply with the applicable procedures and is considering all of its options to regain compliance.
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. Further information regarding 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 OneSmart 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 currently provides non-subject based tutoring to students in China. Given the "Policy to Further Reducing the Burden of Homework and Off-campus Tutoring for Compulsory Education Students," (the "Double Reduction Policy"), which basically requires suspension of all subject-based off-campus tutoring business targeting pre-school kids and K12 students, the Company plans to provide online education and tutoring services exclusively to students outside of China, overseas education preparation and consulting services to students residing within China, "Smart ID Card" to campuses and develop and market smart training system incorporating virtual reality, artificial intelligence, blockchain and other technologies in order to facilitate the teaching and training process.
For more information, please contact:
OneSmart
Mr. Chee Jiong Ng
E-mail: [email protected]
