SHENZHEN, China, May 24, 2022
/PRNewswire/ -- Meten Holding Group Ltd. ("Meten Holding
Group" or the "Company") (NASDAQ: METX), an omnichannel
training company headquartered in China providing language and workplace
training services and actively developing metaverse, blockchain and
cryptocurrency mining businesses, today announced that it received
a letter from the Listing Qualifications Department of the Nasdaq
Stock Market LLC ("Nasdaq") on May 20,
2022, notifying the Company that it has regained compliance
with the Nasdaq's minimum bid price requirement and the matter is
closed.
On July 7, 2021, the Company was
first notified by Nasdaq its failure to maintain a minimum bid
price of $1.00 per share for 30
consecutive business days under Nasdaq Listing Rules 5550(a)(2) and
5810(c)(3)(A), and was given its first 180-day extension, or until
January 3, 2022 to regain compliance.
On January 5, 2022, the Company
received a second 180-day extension from Nasdaq or until
July 5, 2022 to regain compliance.
Effective May 4, 2022, the Company
effected a 1-for-30 reverse stock split, which was reflected with
Nasdaq and in the marketplace at the opening of business on
May 6, 2022.
The letter the Company received from Nasdaq on May 20, 2022 noted that as of May 19, 2022, the Company evidenced a closing bid
price of its ordinary shares at or greater than the $1.00 per share minimum requirement for the last
10 consecutive business days, from May 6,
2022 through May 19, 2022.
Nasdaq stated that accordingly, Meten Holding Group has regained
compliance with Nasdaq Listing Rule 5550(a)(2).
About Meten Holding Group Ltd.
Meten Holding Group Ltd., formerly known as Meten EdtechX
Education Group Ltd., is an omnichannel training company
headquartered in China providing
language and workplace training services. In addition to its
training services, Meten Holding Group actively develops metaverse,
blockchain and cryptocurrency mining businesses to align with its
future business development strategy. Meten Holding Group is
committed to developing blockchain related businesses in
North America, including
cryptocurrency mining, mining farm construction, and mining pool
and data center operation. Meten Holding Group actively explores
metaverse business, such as Metaverse vocational education courses,
with its competitive advantages and technology.
For more information, please
visit: https://investor.metenedu-edtechx.com.
Safe Harbor Statement
This announcement contains forward-looking statements that
involve risks and uncertainties. These statements are made under
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," "future," "intends," "plans," "believes,"
"estimates" and similar statements. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. 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 future development of and the
Company's ability to succeed in its new line of business in
cryptocurrency and blockchain industry; the continuing impact of
the COVID-19 pandemic and the emergence of new variants; our
ability to attract students without a significant decrease in
course fees; our ability to continue to hire, train and retain
qualified teachers; our ability to maintain and enhance our brands;
our ability to effectively and efficiently manage the expansion of
our school network and successfully execute our growth strategy;
the outcome of ongoing, or any future, litigation or arbitration,
including those relating to copyright and other intellectual
property rights; competition in the English language training
sector in China; changes in our revenues and certain cost or
expense items as a percentage of our revenues; the expected growth
of the Chinese English language training and private education
market; Chinese governmental policies relating to private
educational services and providers of such services; health
epidemics and other outbreaks in China; and general economic
conditions in China. The Company does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law. All information provided in this press release and
in the attachments is as of the date of this press release, and the
Company undertakes no duty to update such information, except as
required under applicable law.
For investor and media inquiries, please contact:
Ascent Investor Relations LLC
Tina Xiao
+1 917-609-0333
tina.xiao@ascent-ir.com
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SOURCE Meten Holding Group Ltd.