$0.495
+0.070 (+14.14%)At close
TCTM News
TCTM Events
TCTM Kids IT Education announces $2M private placement
TCTM Kids IT Education announced that it has entered into share purchase agreements with certain investors on April 1. Under the share purchase agreements, the company agrees to sell and issue an aggregate of 25M Class A ordinary shares of the company for a total purchase price of $2M. The per share purchase price is approximately 8c, which is the closing sale price of the company's American depositary shares as reported by Nasdaq on March 31. Each ADS currently represents five of the company's Class A ordinary shares. The closings of the transactions are subject to the satisfaction of customary closing conditions and are expected to take place no later than April 7.
TCTM Kids IT Education enters intangible asset purchase agreement with Jeethen
TCTM Kids IT Education announced that it has entered into an intangible asset purchase agreement with Jeethen International Co. on April 1. Under the Agreement, the company will acquire from Jeethen core algorithms and related software and hardware systems for brain-computer interfaces, valued at $10.85M. As consideration, the company agrees to issue 135,625,000 Class A ordinary shares of the company to Jeethen. The number of Class A ordinary shares to be issued was determined by dividing the total consideration of $10.85M by the per share purchase price of approximately 8c, the closing sale price of the company's American depositary shares as reported by Nasdaq on March 31. Each ADS currently represents five of the company's Class A ordinary shares.
TCTM Kids IT Education names Heng Wang as CEO, Robert Angell as CTO
TCTM Kids IT Education (TCTM) announced that the board of directors of the company has approved the re-designation of Xiaolan Tang as the CFO, and the appointments of Heng Wang as the CEO and Robert Angell as the chief technology officer of the company, in each case effective February 28, as part of the company's effort to expand into AI driven technology sector. Heng Wang has served as the senior manager at Charles Schwab (SCHW) from October 2020 to March 2024.
TCTM Kids IT Education receives Nasdaq bid price notification
TCTM Kids IT Education announced that it received a written notification from the Staff of the Listing Qualifications Department of the Nasdaq Stock Market LLC dated January 3, 2025, indicating that because the closing bid price of the Company's American depositary shares for the last 30 consecutive business days was below the minimum bid price of $1.00 per share, the Company no longer meets the minimum bid price requirement for the Nasdaq Capital Market, set forth in Nasdaq Listing Rule 5550(a)(2). The Notification has no immediate effect on the listing or the trading of the Company's ADSs on the Nasdaq Capital Market. Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the applicable grace period to regain compliance is 180 calendar days, or until July 2, 2025. The Company can cure this deficiency if the closing bid price of its ADS is $1.00 per share or higher for at least ten consecutive business days during the grace period. In the event the Company does not regain compliance by July 2, 2025, subject to the determination by the staff of Nasdaq, the Company may be eligible for an additional 180-day compliance period if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the minimum bid price requirement. In this case, the Company will need to provide written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary.
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