Sunlands Technology Group [NYSE: STG] disclosed that New York Stock Exchange has notified the company through a letter that it has again got the compliance with the NYSE‘s continued listing criterion of a minimum share price under section 802.01C of the NYSE Listed Company Manual. Sunlands Technology Group earlier famous as Sunlands Online Education Group has earned a reputation as a leader in China’s online post-secondary and professional education.
Previously, on July 23, 2021, the firm has obtained a letter from the NYSE which stated the firm has not fulfilled the compliance standards because the average closing price of the Company’s American depositary shares was less than $1.00 for a consecutive 30 trading-day period.
In order to reclaim the conformity with the minimum share price requirement, the firm altered the ratio of the ADSs demonstrating its Class A ordinary shares from one ADS in lieu of one twenty-fifth (1/25) Class A ordinary shares to one ADS signifying one half (1/2) Class A ordinary shares. The shift of the ADS ratio became active on August 31, 2021.
But on October 1, 2021, NYSE stated that the average closing share price of the firm for the consecutive 30-trading days completed September 30, 2021, was above the NYSE’s minimum constraint of $1.00 per share. Therefore, the firm is no longer regarded as below the $1 continued listing criterion and has resumed conformity on this matter.