Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a leading internet company, today announced that it has received a letter from the New York Stock Exchange (the “NYSE”) dated April 15, 2022, notifying Cheetah Mobile that it is below compliance standards due to the trading price of Cheetah Mobile’s American depositary shares (the “ADSs”).
Pursuant to NYSE continued listing standards applicable to Cheetah Mobile, the Company is considered to be “below criteria” for average closing price of a security less than $1.00 over a consecutive 30 trading-day period. As of April 14, 2022, the 30 trading-day average price of the ADSs was $0.98.
The Company must bring its share price and average share price back above $1.00 by six months following receipt of the notification by the NYSE. 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. Alternatively, the Company can also demonstrate an accelerated cure based on a $1.00 share price on both the last trading day of any calendar month within the six-month cure period and the average share price over the 30 trading days preceding the end of that month.
To address this issue, Cheetah Mobile intends to monitor the market conditions of its listed securities and is still considering its options.