Gaotu Regains Compliance with NYSE Continued Listing Criterion

Rhea-AI Summary

Gaotu Techedu Inc. (NYSE: GOTU) announced on January 6, 2023, that it has regained compliance with the NYSE's continued listing criterion, requiring a minimum average stock price of $1.00 over a consecutive 30 trading-day period. This follows a notification received on November 16, 2022, regarding its ADSs falling below this threshold. The NYSE confirmed on January 3, 2023, that Gaotu’s average stock price for the previous 30 days exceeded $1.00 per ADS, allowing the Company to maintain its listing.

Positive

• Regained compliance with NYSE listing criteria.
• Average stock price exceeded the $1.00 requirement for 30 trading days.

Negative

• None.

BEIJING, Jan. 6, 2023 /PRNewswire/ -- Gaotu Techedu Inc. ("Gaotu" or the "Company") (NYSE: GOTU), a technology-driven education company and online large-class tutoring service provider in China, today announced that the Company has received a letter from the New York Stock Exchange (the "NYSE") dated January 3, 2023, notifying that the Company has regained compliance with the NYSE's continued listing criterion that requires a minimum average stock price of $1.00 per share over a consecutive 30 trading-day period as set forth in Section 802.01C of the NYSE Listed Company Manual (the "NYSE Continued Listing Criterion").

As previously announced, the Company received a letter from the NYSE dated November 16, 2022, notifying the Company that its American depositary shares (the "ADSs") had fallen below the NYSE's continued listing criterion of a minimum share price of $1.00 per ADS over a 30 trading-day period. On January 3, the NYSE confirmed that the average stock price of the Company's ADSs for the previous consecutive 30 trading-day period was above $1.00 per ADS. Accordingly, the Company has regained compliance with the NYSE Continued Listing Criterion.

About Gaotu Techedu Inc.

Gaotu is a technology-driven education company and online large-class tutoring service provider in China. The Company offers learning services and educational contents & digitalized learning products. Gaotu adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China. Big data analytics permeates every aspect of the Company's business and facilitates the application of the latest technology to improve teaching delivery, student learning experience, and operational efficiency.

For further information, please contact:

Gaotu Techedu Inc.
Investor Relations
E-mail: ir@gaotu.cn

Christensen

In China
Ms. Vivian Wang
Phone: +852 2232 3978
Email: gotu@christensencomms.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com

View original content:https://www.prnewswire.com/news-releases/gaotu-regains-compliance-with-nyse-continued-listing-criterion-301715211.html

SOURCE Gaotu Techedu Inc.

FAQ

What is the recent announcement by Gaotu Techedu Inc. regarding NYSE compliance?

Gaotu Techedu Inc. announced on January 6, 2023, that it has regained compliance with the NYSE's continued listing requirement, confirming its stock price remained above $1.00 for the required trading period.

What date did Gaotu receive the NYSE compliance letter?

Gaotu received the NYSE compliance notification on January 3, 2023.

What happened to Gaotu's stock price before regaining compliance?

Prior to regaining compliance, Gaotu's stock price fell below the $1.00 requirement, leading to a notification from the NYSE on November 16, 2022.

What is the significance of a stock price above $1.00 for Gaotu?

Maintaining a stock price above $1.00 allows Gaotu to meet NYSE listing standards and avoid potential delisting.

How does Gaotu Techedu operate?

Gaotu is a technology-driven education company that provides online large-class tutoring services in China.