- Phoenix New Media Limited ("Phoenix New Media", "ifeng" or the "Company") (NYSE:FENG), a leading new media company in China, today announced that it has received a letter from the New York Stock Exchange (the "NYSE") dated January 5, 2022, notifying the Company that it is not in compliance with the NYSE's price criteria for continued listing standard because, as of January 4, 2022, the average closing price of the Company's American Depositary Shares (the "ADSs") was less than US$1.00 per ADS over a consecutive 30 trading-day period. This press release is issued within the 30-day period following receipt of such notice as required under the NYSE rules.
Pursuant to Section 802.01C of the NYSE's Listed Company Manual, a company will be considered to be below compliance standards if the average closing price of its security as reported on the consolidated tape is less than US$1.00 over a consecutive 30 trading-day period. The Company has six months ("the Cure Period") following receipt of the notice to regain compliance with the minimum share price requirement. The Company can regain compliance at any time during the 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 US$1.00 and an average closing share price of at least US$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 US$1.00 closing share price on the last trading day of the Cure Period and a US$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, the Company intends to monitor the market conditions of its listed securities and is still considering its options. As required by the NYSE rules, the Company expects to notify the NYSE of its intent to cure its ADSs' price deficiency within the applicable time period required by the NYSE. During the Cure Period, the Company's ADSs will continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards and other rights of the NYSE to delist the ADSs. The NYSE notification does not affect the Company's business operations, its Securities and Exchange Commission reporting requirements, credit agreements or other contractual obligations.