Mustard Duiwen On June 2, local time, the New York Stock Exchange announced that the New York Stock Exchange Supervision Department decided to initiate the process to delist the American depositary shares of Head Education (NYSE: ZME) from the exchange. On June 2, 2022, the American depositary shares trading of Head Education on the New York Stock Exchange has been suspended.

The NYSE said it failed to maintain its global average market capitalization of at least $15 million for 30 consecutive trading days, according to Section 802.01B of the NYSE’s Listed Company Manual. Failing to meet the standard of continuous listing on the New York Stock Exchange, the regulatory department of the New York Stock Exchange decided to delist the American Depositary Shares (American Depositary Shares) in charge of Education.

On June 8, 2021, Head Education was listed on the New York Stock Exchange . The financial report released on March 30 this year shows that the net income of the head education in 2021 will be 4.4 billion yuan, a year-on-year increase of 9.6%.

After the “double reduction”, the head of the company promoted a new strategic layout and accelerated the transformation and upgrading of the organization. In December 2021, the head officially established the SaaS business unit; in February this year, the head launched its first intelligent learning machine and entered the intelligent education hardware track.

Recently, Head Education issued an announcement saying that the company received a letter from the New York Stock Exchange, and the total market value and shareholders’ equity were lower than the compliance standards of the New York Stock Exchange. According to the relevant standards, a company will be considered below the compliance standard if its total market capitalization within 30 trading days is less than $50 million and its shareholders’ equity is less than $50 million.

Source: Mustard Pile

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