Tarena announces receipt of notice from Nasdaq
Tarena announced that it received written notification from the Staff of the Listing Qualifications Department of the Nasdaq Stock Market dated November 25, indicating that because the closing bid price of the company's American Depositary Shares for the last 30 consecutive business days was below $1.00 per share, the company no longer meets the minimum bid price requirement for the Nasdaq Global Select Market, set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until May 25, 2020. The company intends to monitor the closing bid price of its ADS between now and May 25, 2020 and is considering its options, including an adjustment of its ADS-to-Class A ordinary share ratio, in order to regain compliance with the Nasdaq Global Select Market minimum bid price requirement. The company can cure this deficiency if the closing bid price of its ADS is $1.00 per share or higher for at least ten consecutive business days during the grace period. The company intends to cure the deficiency within the prescribed grace period.