ATA Creativity Global Regains Compliance (NASDAQ: AACG) and scope of online trading with NASDAQ Minimum Bid Price Listing Requirement
ATA Creativity Global(NASDAQ: AACG at https://www.webull.com/quote/nasdaq-aacg ) is a worldwide instructive administration organization concentrated on giving quality learning encounters that develop and upgrade understudies’ creativity. ATA Creativity Global (NASDAQ: AACG) offers a wide scope of instruction administrations consisting principally of portfolio preparing, instructive travel, abroad examination directing, and other instructive administrations through its instructional hub organization.
BEIJING, July 09, 2020 (GLOBE NEWSWIRE) – ATA Creativity Global (“ACG” or the “Organization”, Nasdaq: AACG), a universal instructive administrations organization concentrated on giving quality learning encounters that develop and upgrade understudies’ creativity, today reported that it has gotten a letter from the Nasdaq Listing Qualifications Staff telling the Company that it has recovered consistency with the base offer value necessity under the Listing Rules of The Nasdaq Stock Market. The letter noticed that because of the end offer cost of the Company’s basic stock having been at $1.00 per share or more prominent for in any event 10 successive business days, from June 22, 2020, to July 6, 2020, the Company has recovered consistency with Listing Rule 5550(a)(2), and the issue is currently shut.
During First Quarter 2020, understudy enlistment was 681, of which 404 were taken on the Portfolio Training Program (as characterized underneath). Around 26,410 credit hours (i.e., the standard unit estimating instructive credit for the Portfolio Training Program; each credit hour generally equivalent to one hour of time submitted) were conveyed during First Quarter 2020.
First Quarter 2020 net incomes of RMB32.7 million (US$4.6 million), essentially determined by incomes from portfolio preparing and abroad examination guiding administrations
Understudy enlistments and net incomes were affected via irregularity because of the Chinese Spring Festival occasion, just like the episode of the coronavirus malady (“COVID-19”), which brought about certain enlistment deferrals.
First Quarter 2020 overall deficit inferable from ACG of RMB20.5 million (US$2.9 million), contrasted with RMB12.9 million in the earlier year time frame
RMB152.8 million (US$21.6 million) in real money and money counterparts as of March 31, 2020
Reception of Share Repurchase Program
The Company’s Board of Directors has endorsed an offer repurchase program, under which ACG is approved to repurchase up to US$1 million of its given and exceptional American Depositary Shares (“ADSs”), from this point forward through the finish of 2020.
The repurchases will be produced using time to time on the open market at winning business sector costs, in arranged exchanges off the market, in square day trading exchanges, in accordance with a 10b5-1 arrangement or something else. Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.