AACG ATA Creativity Global

 

 

United States

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2024

 

Commission File Number: 001-33910

 

ATA Creativity Global

 

c/o Rm. 507, Bldg. 3, BinhuZhuoyueCheng,

WenhuaKechuangYuan, Huayuan Blvd. 365,

Baohe, Hefei, Anhui 230051, China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F     x  Form 40-F     ¨

 

 

 

EXPLANATORY NOTE

 

This Report on Form 6-K (including exhibit 99.1 hereto) is incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333-278921), filed with the Securities and Exchange Commission on April 25, 2024, to be a part thereof from the date on which such Report is/was submitted respectively, to the extent not superseded by documents or reports subsequently filed or furnished.

 

 

EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release dated December 3, 2024

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	ATA Creativity Global
	By:	/s/ Ruobai Sima
	Name:	Ruobai Sima
	Title:	Chief Financial Officer

 

Date: December 3, 2024

 

 

Exhibit 99.1

 

 

 

ATA Creativity Global Regains Compliance with Nasdaq’s Minimum Bid Price Requirement; Receives Notification Regarding Minimum Stockholders’ Equity Deficiency

 

Beijing, China, December 3, 2024 -- ATA Creativity Global (“ACG” or the “Company”, Nasdaq: AACG), an international educational services company focused on providing quality learning experiences that cultivate and enhance students’ creativity, today announced two updates regarding its compliance status of continued listing requirements under The Nasdaq Stock Market LLC (“Nasdaq”) Listing Rules.

 

Regains Compliance with Minimum Bid Price Requirement

 

The Company has regained compliance with the minimum bid price requirement under the Nasdaq Listing Rules based on the letter received from the Nasdaq Listing Qualifications Staff (the “Staff”), dated November 26, 2024. The closing bid price of the Company’s American depositary shares (“ADSs”) has been at $1.00 per share or greater from November 1 to November 25, 2024. Accordingly, the Staff has determined that the Company has regained compliance with Nasdaq Listing Rule 5450(a)(1), and the matter is now closed.

 

Receives Notification Regarding Minimum Stockholders’ Equity Deficiency

 

The Company has received a letter (the “Stockholders’ Equity Letter”) from the Nasdaq Listing Qualifications Department dated November 27, 2024, notifying that the Company is not in compliance with the minimum stockholders’ equity requirement.

 

Nasdaq Listing Rule 5450(b)(1)(A) requires companies listed on Nasdaq Global Market to maintain a minimum of $10,000,000 in stockholders’ equity for continued listing. In the Company’s Quarterly Report in Form 6-K for the period ended September 30, 2024, its shareholders’ equity was below $10,000,000.

 

Following the receipt of the Stockholders’ Equity Letter, in accordance with Nasdaq rules, the Company has 45 calendar days (or until January 13, 2025), to submit a plan to regain compliance with the minimum stockholders’ equity requirement. If the Company’s plan is accepted, Nasdaq can grant the Company an extension of up to 180 calendar days from the date of the Stockholders’ Equity Letter to regain compliance.

 

The Stockholders’ Equity Letter has no immediate effect on the Company’s listing on the Nasdaq Global Market, and during the compliance period, which may be extended, the Company’s ADSs will continue to trade on Nasdaq Global Market under the symbol “AACG.” The Company’s business operations are not affected by the Stockholders’ Equity Letter. The Company tends to submit the plan to regain compliance during the above-mentioned 45-day period, seeking to cure the deficiency within the prescribed compliance period.

 

About ATA Creativity Global

 

ATA Creativity Global is an international educational services company focused on providing quality learning experiences that cultivate and enhance students’ creativity. ATA Creativity Global offers a wide range of education services consisting primarily of portfolio training, research-based learning services, overseas study counselling and other educational services through its training center network. For more information, please visit ACG’s website at www.atai.net.cn.

 

 

Cautionary Note Regarding Forward-looking Statements

 

This press release contains statements that may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terms such as “will,” “should,” “could,” “expect,” “anticipate,” “aim,” “future,” “intend,” “plan,” “believe,” “estimate,” “forecast,” “outlook,” “likely to” and similar statements. ACG may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ACG’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company’s filings with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. All information provided in this press release is as of the date of this press release, and ACG undertakes no duty to update such information to reflect events or circumstances that arise after the date hereof, except as required under applicable law.

 

For more information on our company, please contact the following individuals:

 

At the Company	Investor Relations
ATA Creativity Global	The Equity Group Inc.
Ruobai Sima, CFO	Lena Cati, Senior Vice President
+86 10 6518 1133 x 5518	212-836-9611
simaruobai@acgedu.cn	lcati@equityny.com
	Alice Zhang, Associate
	212-836-9610
	azhang@equityny.com

 

 

 

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