[TechWeb] on June 4, Zhangmen Education announced that he had received a written notice from the New York Stock Exchange on June 2, 2022 and decided to start the delisting process for Zhangmen Education's American depositary shares (ADS).

According to Section 802.01B of the New York Stock Exchange listed companies Manual (NYSE's Listed Company Manual), because Zhangmen Education failed to maintain his global average market capitalization at at least $15 million for 30 consecutive trading days, failing to meet the NYSE's criteria for continuing listing, the NYSE Regulatory Department decided to delist Zhangmen Education's American depositary shares (American Depositary Shares).

As early as April 2022, Zhangmen Education received a warning letter from the NYSE because its total market capitalization and shareholder equity were lower than the NYSE's compliance standards. By standards, a company with a total market capitalization of less than $50 million and shareholders' equity of less than $50 million over 30 trading days will be considered below compliance standards. Zhangmen Education needs to respond within 90 days of receiving the letter and submit a business plan to prove that he complies with the NYSE's continued listing rules within 18 months.

According to the data, Zhangmen Education was first established in 2005, focusing on offline training. in 2014, Zhangmen Education changed his name to "one-to-one" while comprehensively transforming to provide online one-to-one education services. Since then, the head of one to one has obtained nearly seven rounds of financing as high as billions of yuan, and there is no lack of star institutions such as Shun for capital, Softbank Corp. Vision Fund and so on.

Zhangmen Education successfully listed on the New York Stock Exchange on the eve of the "double reduction" document on June 8, 2021, raising $41.7 million at an initial public offering price of $11.50 per ADS.

According to the latest financial report, in fiscal year 2021, Zhangmen Education's revenue was 4.404 billion yuan, up 9.6 percent from the same period last year; the net loss was 1.177 billion yuan, compared with 1.012 billion yuan in the same period last year; and the net loss of ordinary shareholders belonging to the parent company was 3.395 billion yuan, compared with 1.952 billion yuan in the same period last year.

At the close of trading yesterday, Zhangmen Education's share price had fallen to 60 US dollars per share.