BEIJING, June 28, 2022 /PRNewswire/ -- TAL Education
Group (the "Company") (NYSE: TAL), a smart learning
solutions provider in China, today
updates its status under the Holding Foreign Companies Accountable
Act (the "HFCAA"). The Company was provisionally named by the
United States Securities and Exchange Commission (the "SEC") as a
Commission-Identified Issuer on June 24,
2022, U.S. Eastern Time, following the Company's filing of
the annual report on Form 20-F for the fiscal year ended
February 28, 2022 with the SEC on
June 14, 2022.
The Company understands that the SEC made such identification
pursuant to the HFCAA and its implementation rules issued
thereunder, and this indicates that the SEC determines that the
Company used an auditor whose working paper cannot be inspected or
investigated completely by the Public Company Accounting Oversight
Board of the United States (the
"PCAOB") to issue the audit opinion for its financial statements
for the fiscal year ended February 28,
2022.
In accordance with the HFCAA, the SEC shall prohibit a company's
shares or American depositary shares ("ADSs") from being traded on
a national stock exchange or in the over-the-counter trading market
in the United States if the
company has been identified by the SEC for three consecutive years
due to PCAOB's inability to inspect the auditor's working
paper.
The Company has been actively monitoring market developments and
evaluating all strategic options to protect the interest of its
stakeholders. The Company will continue to comply with applicable
laws and regulations in both China
and the United States, and strive
to maintain its listing status on the New York Stock Exchange.
About TAL Education Group
TAL Education Group is a smart learning solutions provider in
China. The acronym "TAL" stands
for "Tomorrow Advancing Life", which reflects our vision to promote
top learning opportunities for students through both high-quality
teaching and content, as well as leading edge application of
technology in the education experience. TAL Education Group offers
comprehensive learning services to students from pre-school to the
twelfth grade primarily through three flexible class formats: small
classes, personalized premium services, and online courses. Our
learning services mainly cover enrichment learnings programs and
some academic subjects in and out of China. Our ADSs trade on the New York Stock
Exchange under the symbol "TAL".
For investor and media inquiries, please contact:
In China:
Jackson Ding
Investor Relations
TAL Education Group
Tel: +86 10 5292 6669-8809
Email: ir@tal.com
The Piacente Group, Inc.
Helen Wu
Tel: +86-10-6508-0677
Email: TAL@thepiacentegroup.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Phone: +1-212-481-2050
Email: TAL@thepiacentegroup.com
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SOURCE TAL Education Group