Market Snapshot

S&P Futures
Dow Futures
NASDAQ Futures

Puxin Limited (NEW) stock has surged in the premarket – What’s causing it to increase?

Related Topics

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp

Puxin Limited (NEW) stock has inclined to 36.68% in the premarket today. However, the last trading session concluded at $0.4536 with a decline of 23.76%.

NEW Announces Receipt of NYSE Non-compliance Notice Regarding ADS Trading Price

On 19th August 2021, NEW has received a notification from the New York Stock Exchange. NYSE has alerted it that it has fallen short of compliance requirements in connection with the performance of its American depositary shares trading price. Furthermore, a business shall be regarded out of compliance with Section 802.01C of the NYSE’s Listed Company Manual. Last but not least, the business must raise its share price and average share price over US$1.00.

First Quarter 2021 Financial Results

NEW reported first quarter 2021 financial results on 24th May 2021. According to the report:

  • Total profits fell 8.6% to RMB686.8 million (US$104.8 million) in the first quarter of 2020.
  • Operating income increased by 78.9% in the first quarter of 2020.
  • Moreover, NEW had a net income of RMB37.8 million (US$5.8 million) in the first quarter of 2020, compared to a net loss of RMB43.5 million.
  • Puxin Limited’s revised net income was RMB9.6 million (US$1.5 million), down 62.1 percent from the first quarter’s adjusted net income of RMB25.4 million.
  • Relative to RMB65.0 million in the first quarter of 2020, adjusted EBITDA was RMB46.1 million (US$7.0 million).
  • In the first quarter of 2020, student enrolment fell by 7.1% to 539,355 from 580,661.

NEW Stock Announces US$20 Million Share Repurchase Program

On 31st March 2021, NEW stated that its board of directors has authorized a share buyback program to buy up to US$20 million worth of its American depository shares. This will represent ordinary shares, in one or more transactions over the 12-month period ending March 31, 2022. NEW may acquire its ADSs through a variety of methods under the Share Repurchase Program.

Moreover, it may include open market transactions, privately negotiated payments or any other legally authorised method. Rule 10b5-1 and Rule 10b-18 permit the Company to conduct buyback transactions. Lastly, the quantity of ADSs repurchased and when they are repurchased will be determined by a variety of criteria.

Leave a Comment

Your email address will not be published. Required fields are marked *

Latest Posts

SPECIAL GIFT

WE HAVE A GIFT FOR YOU

Download Free eBook For

7 GROWTH STOCKS FOR 2021

100% free. stop anytime no spam