CooTek Announces Receipt of NYSE Non-Compliance Letter Regarding ADS Trading Price

CooTek Announces Receipt of NYSE Non-Compliance Letter Regarding ADS Trading Price

CooTek (Cayman) Inc. (NYSE: CTK), a global mobile internet company, announced that it has received a letter from the New York Stock Exchange (the “NYSE”) dated December 6, 2021, notifying CooTek that it is below compliance standards due to the trading price of CooTek’s American depositary shares (the “ADSs”).

Pursuant to NYSE rule 802.01C, a company will be considered to be below compliance standards if the average closing price of a security as reported on the consolidated tape is less than $1.00 over a consecutive 30 trading-day period. Once notified, the company must bring its share price and average share price back above $1.00 by six months following receipt of the notification. The company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period the company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. In the event that at the expiration of the six-month cure period, both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence suspension and delisting procedures.

To address this issue, CooTek intends to monitor the market conditions of its listed securities and is still considering its options.