BEIJING, Jan. 8, 2025
/PRNewswire/ -- TCTM Kids IT Education Inc. (NASDAQ: TCTM) ("TCTM"
or the "Company"), a leading provider of IT-focused supplementary
STEM education services in China,
today announced that it received a written notification from the
Staff of the Listing Qualifications Department of
the Nasdaq Stock Market LLC ("Nasdaq") dated January
3, 2025 (the "Notification"), indicating that because the
closing bid price of the Company's American depositary shares
("ADSs") for the last 30 consecutive business days was
below the minimum bid price of US$1.00 per share, the Company no longer
meets the minimum bid price requirement for the Nasdaq Capital
Market, set forth in Nasdaq Listing Rule 5550(a)(2). The
Notification has no immediate effect on the listing or the trading
of the Company's ADSs on the Nasdaq Capital Market.
Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the
applicable grace period to regain compliance is 180 calendar days,
or until July 2, 2025. 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. In the event the Company does not regain compliance by
July 2, 2025, subject to the determination by the staff of Nasdaq,
the Company may be eligible for an additional 180-day compliance
period if it meets the continued listing requirement for market
value of publicly held shares and all other initial listing
standards, with the exception of the minimum bid price requirement.
In this case, the Company will need to provide written notice of
its intention to cure the deficiency during the second compliance
period, including by effecting a reverse stock split, if
necessary.
The Notification does not affect the Company's business
operations, and the Company will take all reasonable measures to
regain compliance within the prescribed grace period.
About TCTM Kids IT Education Inc.
TCTM is a leading provider of IT-focused supplementary STEM
education services in China.
Through its innovative education platform combining live distance
instruction, classroom-based tutoring and online learning modules,
TCTM offers IT-focused supplementary STEM education programs,
including computer coding and robotics programming
courses, etc., targeting students between three and eighteen
years of age. Aiming to encourage "code to learn," TCTM embraces
the latest trends in STEM education and technology to develop
children's logical thinking and learning abilities while allowing
them to discover their interests and potential.
Safe Harbor Statement
This current report 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. TCTM 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 any business outlook and statements
about TCTM's beliefs and expectations, are forward-looking
statements. Many factors, risks and uncertainties could cause
actual results to differ materially from those in the
forward-looking statements.
For further information, please contact:
Investor Relations Contact
TCTM Kids IT Education Inc.
Email: ir@tctm.cn
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SOURCE TCTM Kids IT Education Inc.
