NYSE to Suspend Trading Immediately in CooTek (Cayman) Inc. (CTK) and Commence Delisting Proceedings

Rhea-AI Summary

The New York Stock Exchange (NYSE) announced that it will begin proceedings to delist the American Depositary Shares (ADSs) of CooTek (Cayman) Inc. (ticker: CTK). The decision follows the company's failure to meet the NYSE’s continued listing standards, specifically maintaining an average market capitalization of at least $15,000,000 over a 30-day trading period. Trading of CTK's ADSs was suspended on May 19, 2022. The company may seek a review of this decision before the NYSE takes further action to delist the ADSs.

Positive

• None.

Negative

• Company failed to meet NYSE continued listing standards.
• Average market capitalization fell below $15,000,000 over a 30-day period.
• Trading of CTK's ADSs was suspended on May 19, 2022.

NEW YORK--(BUSINESS WIRE)-- The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the American Depositary Shares, each representing 650 Class A Ordinary Shares (the “ADSs”) of CooTek (Cayman) Inc. (the “Company”) — ticker symbol CTK — from the Exchange. Trading in the Company’s ADSs was suspended after the market close on the NYSE on May 19, 2022.

NYSE Regulation reached its decision to delist the ADSs pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000.

The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the ADSs upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220519006027/en/

Company Contact:

CooTek (Cayman) Inc.

Mr. Jacky Lin

Email: IR@cootek.com

NYSE Contact:

NYSE Communications

PublicRelations-NYSE@ice.com

Source: NYSE Regulation

FAQ

What action did the NYSE take regarding CooTek (CTK)?

The NYSE announced it will begin proceedings to delist the American Depositary Shares (ADSs) of CooTek (Cayman) Inc. due to failure to meet listing standards.

Why is CooTek (CTK) being delisted from the NYSE?

CooTek fell below the NYSE’s continued listing standard, specifically an average global market capitalization below $15,000,000 over a 30-day period.

When was trading suspended for CooTek (CTK) shares?

Trading in CooTek's ADSs was suspended on May 19, 2022.

Can CooTek appeal the NYSE's decision to delist?

Yes, CooTek has the right to seek a review of the NYSE Regulation staff's determination by a Committee of the Board of Directors.