SHENZHEN, China, Sept. 20,
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 the Company
received a written notification (the "Notification Letter") from
the Nasdaq Stock Market LLC ("Nasdaq") on September 16, 2022, notifying the Company that it
is not in compliance with the minimum bid price requirement set
forth in Nasdaq Rules for continued listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A)
provides that a failure to meet the minimum bid price requirement
exists if the deficiency continues for a period of 30 consecutive
business days. Based on the closing bid price of the Company's
ordinary shares for the 30 consecutive business days from
August 4, 2022 to September 15, 2022, the Company no longer meets
the minimum bid price requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been provided 180
calendar days, or until March 15,
2023, to regain compliance with Nasdaq Listing Rule
5550(a)(2). To regain compliance, the Company's ordinary shares
must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business
days. In the event the Company does not regain compliance by
March 15, 2023, the Company may be
eligible for additional time to regain compliance or may face
delisting.
The Company's business operations are not affected by the
receipt of the Notification Letter. The Company intends to monitor
the closing bid price of its ordinary shares and may, if
appropriate, consider implementing available options, including,
but not limited to, implementing a consolidation of its outstanding
ordinary shares, to regain compliance with the minimum bid price
requirement under the Nasdaq Listing Rules.
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 performance of Met Chain, the
joint venture company; the future development of and the Company's
ability to succeed in its new line of digital currency business;
the continuing impact of the COVID-19 pandemic and the emergence of
new variants; the Company's ability to attract students without a
significant decrease in course fees; the Company's ability to
continue to hire, train and retain qualified teachers; the
Company's ability to maintain and enhance our brands; the Company's
ability to effectively and efficiently manage the expansion of the
Company's school network and successfully execute the Company's
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 the Company's revenues and
certain cost or expense items as a percentage of the Company's
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.