LISHUI, China, Dec. 6, 2023
/PRNewswire/ -- Lixiang Education Holding Co., Ltd. (the "Company"
or NASDAQ: LXEH), a prestigious private education service provider
in China, today announced that on
November 30, 2023, it received a
letter from the Nasdaq Hearings Panel (the "Panel"), indicating the
Panel's decision to grant an exception period until January 31, 2024 (the "Exception Period"), for
the Company to effect the reverse stock split and thereafter regain
compliance with The Nasdaq Stock Market LLC's (the "Nasdaq")
Listing Rule 5450(a)(1) (the "Bid Price Rule"), subject to the
terms that (1) on or before November 30,
2023, the Company shall obtain its board of directors'
approval for a reverse stock split at a ratio that is sufficient to
regain and maintain long term compliance with the Bid Price Rule,
and the Company shall provide an update to the Panel on the reverse
stock split approval on December 1,
2023; (2) on or before January 5,
2024, the Company shall effect a reverse stock split and,
thereafter, maintain a $1 closing bid
price for a minimum of ten consecutive business days; and (3) on or
before January 31, 2024, the Company
shall have demonstrated compliance with the Bid Price Rule, by
evidencing a closing bid price of $1
or more per share for a minimum of ten consecutive trading
sessions.
On November 30, 2023, the Company
obtained its board of directors' approval to amend the ratio of
American depositary share ("ADS") representing its ordinary shares
("ADS Ratio") from one (1) ADS representing five (5) ordinary
share to one (1) ADS representing fifty (50) ordinary
shares, and provided an update to the Panel on the ADS Ratio change
approval on December 1, 2023. The
Company expects to comply with the rest of the terms within the
Exception Period to regain compliance with the Bid Price Rule. In
the event the Company fails to regain compliance with the Bid Price
Rule within the Exception Period, its securities will be
delisted.
About Lixiang Education Holding Co., Ltd.
Founded in Lishui City, China, Lixiang Education Holding
Co., Ltd. is a prestigious private education service provider
in Zhejiang Province. The Company's education philosophy is to
guide the healthy development of students and to establish a solid
foundation for their lifelong advancement and happiness. For more
information, please visit: www.lixiangeh.com.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to,"
and similar statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (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 the Company's beliefs, plans, and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the Company's strategies, future business
development, and financial condition and results of operations; the
expected growth of the Chinese private education market; Chinese
governmental policies relating to private educational services and
providers of such services; the Company's ability to maintain and
enhance its brand. Further information regarding these and other
risks is included in the Company's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and the Company does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
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SOURCE Lixiang Education Holding Co., Ltd.