Hong Kong, March 06, 2024 (GLOBE NEWSWIRE) -- Meta Data Limited (NYSE: AIU) ("Meta Data" or the "Company") today announced the Company has received a letter from the New York Stock Exchange (the "NYSE") dated March 4, 2024, notifying the Company that it is below compliance standards due to the trading price of AIU's American depositary shares (the "ADSs").
Pursuant to NYSE rule 802.01C, a company will be considered to be below compliance standards if the average closing price of a security as reported on the consolidated tape is less than $1.00 over a consecutive 30 trading-day period. Once notified, the company must bring its share price and average share price back above $1.00 by six months following receipt of the notification. The company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period the company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. In the event that at the expiration of the six-month cure period, both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence suspension and delisting procedures.
The notice has no immediate impact on the listing of the Company's ADSs, which will continue to be listed and traded on the NYSE during the cure period subject to continued compliance with the other listing requirements of the NYSE.
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. Meta Data 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 Meta Data'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 Meta Data does not undertake any obligation to update such information, except as required under applicable law.
About Meta Data
Founded in 2008 and headquartered in Hong Kong, Meta Data Limited (formerly known as 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:
Meta Data Limited
Chee Jiong Ng
E-mail: ir@aiumeta.com
