NYSE to Suspend Trading Immediately in Zhangmen Education Inc. (ZME) and Commence Delisting Proceedings

Rhea-AI Summary

The NYSE has announced that it will commence proceedings to delist the American Depositary Shares (ADSs) for Zhangmen Education Inc. (NYSE: ZME) due to a failure to meet the continued listing standard of maintaining a global market capitalization of at least $15 million over 30 trading days. Trading of the ADSs was suspended on June 2, 2022. The company has the right to appeal this decision, and the NYSE will proceed with the delisting application following applicable procedures.

Positive

• None.

Negative

• Delisting proceedings initiated by NYSE due to failure to meet market capitalization requirement.
• Trading of ZME suspended since June 2, 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 72 Class A Ordinary Shares (the “ADSs”) of Zhangmen Education Inc. (the “Company”) — ticker symbol ZME — from the Exchange. Trading in the Company’s ADSs was suspended on the NYSE on June 2, 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/20220602005696/en/

In China:

Zhangmen Education Inc.

Investor Relations

E-mail: ir@zhangmen.com

The Piacente Group, Inc.

Emilie Wu

Tel: +86-21-6039-8363

E-mail: zhangmen@thepiacentegroup.com

In the United States:

The Piacente Group, Inc.

Brandi Piacente

Tel: +1-212-481-2050

E-mail: zhangmen@thepiacentegroup.com

NYSE Contact:

NYSE Communications

PublicRelations-NYSE@ice.com

Source: NYSE Regulation

FAQ

What led to the delisting of Zhangmen Education Inc. (ZME) from the NYSE?

Zhangmen Education Inc. is facing delisting due to failing to maintain an average global market capitalization of at least $15 million.

When was trading suspended for Zhangmen Education Inc. (ZME)?

Trading for Zhangmen Education Inc. was suspended on June 2, 2022.

Can Zhangmen Education Inc. appeal the NYSE's delisting decision?

Yes, Zhangmen Education Inc. has the right to appeal the NYSE's decision regarding delisting.

What is the minimum market capitalization requirement for the NYSE?

The NYSE requires listed companies to maintain an average global market capitalization of at least $15 million.