Headmaster Education announced that it had received a written notice from the New York Stock Exchange on June 2, 2022 and decided to start the delisting process of headmaster education's American Depositary Shares (ads). According to the provisions in part 802.01b of NYSE's listed company manual, since the head education failed to maintain its global average market value at least US $15million within 30 consecutive trading days and failed to meet the criteria for continuous listing of the New York Stock Exchange, the supervision department of the New York Stock Exchange decided to delist the American Depository shares of the head education.
As early as April 2022, the head education received a warning letter from the New York Stock Exchange because its total market value and shareholders' equity were lower than the compliance standards of the New York Stock Exchange. According to the standard, if the total market value of a company within 30 trading days is less than US $50million and its shareholders' equity is less than US $50million, the company will be deemed to be below the compliance standard. Headmaster education needs to respond within 90 days after receiving the letter, and submit a business plan to prove that it complies with the New York Stock Exchange's continuing listing rules within 18 months.
Statistics show that headmaster education was first established in 2005, focusing on offline training. In 2014, headmaster education was renamed "headmaster 1 to 1" and comprehensively transformed to provide online one-to-one education services. Since then, the leader 1-on-1 has obtained nearly seven rounds of financing, with a financing amount of billions of yuan. There are many investors, such as Shun Wei capital, Softbank vision fund and other star institutions.
On June 8, 2021, on the eve of the "double reduction" document, headmaster education was successfully listed on the New York Stock Exchange. Its initial public offering price was $11.50 per ads, and the fund-raising scale reached $41.7 million.
The latest financial report shows that in fiscal year 2021, the head education revenue was 4.404 billion yuan, up 9.6% year-on-year; The net loss was 1.177 billion yuan, compared with 1.012 billion yuan in the same period of the previous year; The net loss attributable to common shareholders of the parent company was 3.395 billion yuan, compared with 1.952 billion yuan in the same period of last year.
At the close of yesterday's trading, the share price of headmaster education fell to US $0.60 per share.