Onesmart International Education Group Ltd. (NASDAQ: ONE) stock gains by 111.86% in the current market trading session. OneSmart International Education is a major Chinese education firm, was founded in 2008 and is based in Shanghai. The purpose is to transform the future through technology progress, and their vision is to be the most recognized and heartwarming education organization in the world.
What’s up with ONE stock?
OneSmart International Education Group Limited confirmed today that it has got a letter from the New York Stock Exchange dated August 3, 2021, informing it that it has fallen short of compliance criteria in order to measure the performance of OneSmart’s American depositary shares trading price.
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A firm shall be considered out of compliance with NYSE rule 802.01C if the average final price of a security as recorded on the consolidated tape is less than US$1.00 for a period of 30 trading days. After being notified, the corporation must raise its share price and average share price over US$1.00 within six months of receiving the letter. Onesmart International can recover compliance at any point throughout the six-month cure period if it has a closing share price of at least US$1.00 on the last trading day of any calendar month during the cure period and an average closing share price of at least US$1.00 for the 30-day period ending on the final day of that month.
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 US$1.00 and an average closing share price of at least US$1.00 over the 30 trading-day period ending on the last trading day of that month.
If both a US$1.00 closing share price on the final trading day of the cure period and a US$1.00 average closing share price over the 30 trading days ending on the last trading day of the cure period are not achieved by the end of the six-month cure period, the NYSE will begin suspension and delisting procedures. To resolve this problem, the Company plans to keep an eye on the market circumstances of its listed securities and is still weighing its alternatives.