BEIJING, November 3, 2022 /PRNewswire/ — Kuke Music Holding Limited (“Kuke” or the “Company”) (NYSE: KUKE), a leading classical music services platform in Chinaannounced that it has received a letter from the New York Stock Exchange (the “NYSE”) dated September 29notifying Kuke Music that it does not comply with the NYSE’s continuous listing standard for minimum average share price due to the fact that the average closing price of the Company’s U.S. Depositary Shares (the “ADS “) was less than $1.00 for a period of 30 consecutive trading days. From November 2the average ADS price over 30 trading days was $0.55.
The Company must return the price and average price of its stock above $1.00 within six months of receipt of the notification by the NYSE. In the event that, at the expiration of the six-month recovery period, a closing share price of $1.00 on the last trading day of the recovery period and an average closing price of $1.00 share over the 30 trading day period ending on the last trading day of the Cure Period are not reached, the NYSE will initiate suspension and debarment proceedings. Alternatively, the Company may also demonstrate an accelerated correction based on a share price of $1.00 on both the last trading day of any calendar month during the six-month correction period and the average price of the stock over the 30 trading days preceding the end of this month.
The NYSE notification letter does not affect the Company’s business operations, and the Company will take all reasonable steps to restore compliance within the prescribed grace period.
About Kuke Music Holding Limited
Kuke is a leading classical music service platform in China encompassing the entire value chain, from content delivery to music learning services. Working with its strategic global business partner Naxos, the world’s largest independent classical music content provider, the foundation of Kuke’s vast library of classical music content is its unrivaled access to over 900 labels and record labels from foreground. Leveraging its market leadership in international copyrighted music content, Kuke provides highly scalable classical music licensing services to various online music platforms, and classical music subscription services to more than 800 universities, libraries and other institutions across China. Additionally, it has hosted the Beijing Music Festival (“BMF”), China’s most renowned music festival, for 24 consecutive years. Through KUKEY, the company’s proprietary AI music learning system, Kuke aims to democratize music learning through technological innovation, bring fascinating music content and professional music techniques to more people. ‘students, and to continuously improve the efficiency and penetration of China’s music education.
For more information about Kuke, please visithttps://ir.kuke.com/
SOURCEKuke Music Holding Limited