17EdTech Has Regained Compliance with Nasdaq’s Minimum Bid Price Requirement
January 05 2024 - 5:24AM
17 Education & Technology Group Inc. (Nasdaq: YQ) (“17EdTech”
or the “Company”), a leading education technology company in China,
today announced that it received a notification letter (the
“Compliance Notice”) from the Listing Qualifications Department of
the Nasdaq Stock Market LLC (“Nasdaq”) dated January 4, 2024,
indicating that the Company has regained compliance with the Nasdaq
Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”) and
the matter is closed.
On August 3, 2023, 17EdTech received a notification letter (the
“Deficiency Notice”) from the Nasdaq indicating that the closing
bid price for the Company’s American depositary shares (“ADSs”) was
below the minimum bid price of $1.00 required for continued listing
under Nasdaq Listing Rule 5450(a)(1) for 30 consecutive business
days. According to the Deficiency Notice, if at any time during the
180 day compliance period, the closing bid price of the Company’s
security is at least $1.00 for a minimum of ten consecutive
business days, Nasdaq will provide the Company written confirmation
of compliance and the matter will be closed. In order to regain
compliance with the Minimum Bid Price Requirement, the Company
changed the ratio of its ADSs representing its Class A ordinary
shares from one (1) ADS representing (10) Class A
ordinary shares to one (1) ADS representing fifty (50) Class A
ordinary shares. The change became effective on December 18,
2023. According to the Compliance Notice, the closing bid price of
the Company’s ADSs has been at $1.00 per ADS or greater for 11
consecutive business days from December 18, 2023 through January 3,
2024, and the Company has regained compliance with the Minimum Bid
Price Requirement and the matter is closed.
About 17 Education & Technology Group
Inc.
17 Education & Technology Group Inc. is a leading education
technology company in China, offering smart in-school classroom
solution that delivers data-driven teaching, learning and
assessment products to teachers, students and parents. Leveraging
its extensive knowledge and expertise obtained from in-school
business over the past decade, the Company provides teaching and
learning SaaS offerings to facilitate the digital transformation
and upgrade at Chinese schools, with a focus on improving the
efficiency and effectiveness of core teaching and learning
scenarios such as homework assignments and in-class teaching. The
product utilizes the Company’s technology and data insights to
provide personalized and targeted learning and exercise content
that is aimed at improving students’ learning efficiency.
For investor and media inquiries, please
contact:
17 Education & Technology Group Inc.
Ms Lara ZhaoInvestor Relations ManagerE-mail:
ir@17zuoye.com
17 Education and Technol... (NASDAQ:YQ)
Historical Stock Chart
From Sep 2024 to Oct 2024
17 Education and Technol... (NASDAQ:YQ)
Historical Stock Chart
From Oct 2023 to Oct 2024