KUKE Music Reports Receipt of NYSE Non-Compliance Notices Regarding Continued Listing Standards
24 Oktober 2024 - 10:10PM
Kuke Music Holding Limited (“Kuke” or the “Company”) (NYSE: KUKE),
a leading classical music service platform in China, today
announced that it has received notifications from the New York
Stock Exchange (the “NYSE”) that the Company is not in compliance
with the NYSE’s continued listing standards. On September 24, 2024,
the NYSE notified the Company that it was below the continued
listing standards as its total market capitalization was less than
$50 million over a 30 trading-day period and its stockholders’
equity was less than $50 million (the “September Notice”). As set
forth in the September Notice, as of September 23, 2024, the 30
trading-day average global market capitalization of the Company was
approximately $47 million and the Company’s last reported
shareholders’ equity as of December 31, 2023 was approximately $3.3
million. The Company received another notice from the NYSE on
October 8, 2024 (the “October Notice”) of non-compliance with the
$1.00 average closing price standard. As set forth in the October
Notice, as of October 7, 2024, the 30 trading-day average closing
price of the Company’s American Depositary Shares (“ADSs”) was
approximately $0.98.
According to the September Notice, the Company
must respond to the NYSE within 45 days of the September Notice
with a business plan demonstrating actions to bring the Company
into conformity with the average market capitalization and
stockholders’ equity standards within 9 months of receiving the
September Notice. If the Company’s plan is not submitted on a
timely basis or is not accepted, the NYSE will initiate suspension
and delisting proceedings. If the NYSE accepts the Company’s plan,
the Company will be subject to quarterly monitoring for compliance
with the plan.
According to the October Notice, the Company
shall bring its share price and average share price back above
$1.00 within 6 months following the receipt of the October Notice.
In the event that at the expiration of the cure period, both a
US$1.00 closing ADS price and a US$1.00 average closing ADS price
over the preceding 30 trading-day period are not attained, the NYSE
will commence suspension and delisting procedures.
The Company intends to comply the requirements
set forth in both notices and regain compliance with the relevant
continued listing standards within the applicable cure periods. The
foregoing notices have no immediate impact on the listing or
trading of the Company’s ADSs, which will continue to be listed and
traded on the NYSE, subject to compliance with the requirements set
forth in the notices, other NYSE continued listing standards and
other rights of the NYSE to delist the ADSs. The notices do not
affect the Company’s business operations or its reporting
obligations with the Securities and Exchange Commission.
About Kuke Music Holding Limited (NYSE:
KUKE)
Kuke is a leading classical music service
platform in China encompassing the entire value chain from content
provision to music learning services, with approximately 3 million
audio and video music tracks. By collaborating with its strategic
global business partner Naxos, the largest independent classical
music content provider in the world, the foundation of Kuke’s
extensive classical music content library is its unparalleled
access to more than 900 top-tier labels and record companies.
Leveraging its market leadership in international copyrighted
classical music content, Kuke provides highly scalable classical
music licensing services to various online music platforms, and
classical music subscription services to over 800 universities,
libraries and other institutions across China. In addition, it has
hosted Beijing Music Festival (“BMF”), the most renowned music
festival in China, for 24 consecutive years. Through KUKEY, the
Company’s proprietary smart music learning solutions, Kuke aims to
democratize music learning via technological innovation, bring
fascinating music content and professional music techniques to more
students, and continuously improve the efficiency and penetration
of music learning in China. For more information about Kuke, please
visit https://ir.kuke.com/.
Forward-looking Statements
This announcement contains forward looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident,”
“potential,” “continue” or other similar expressions. Statements
that are not historical facts, including but not limited to
statements about Kuke’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including those in Kuke’s registration
statement filed with the Securities and Exchange Commission.
Further information regarding these and other risks is included in
Kuke’s filings with the SEC. All information provided in this press
release is as of the date of this press release, and Kuke
undertakes no obligation to update any forward-looking statement,
except as required under applicable law.
For further information, please
contact:
Kuke Music Holding LimitedInvestor
RelationsEmail: ir@kuke.com
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