Jianzhi Education Technology Receives Nasdaq Notification Regarding Minimum Market Value Deficiency
July 31 2024 - 4:15PM
Jianzhi Education Technology Group Company Limited (the “Company”
or “Jianzhi”) (NASDAQ: JZ), a leading provider of digital
educational content in China, today announced it has received a
letter from the Nasdaq Stock Market LLC (“Nasdaq”) Listing
Qualifications Department on July 26, 2024, notifying the Company
is not in compliance with the minimum market value requirement set
forth in Nasdaq Listing Rules for continued listing on the Nasdaq
Global Select Market. Nasdaq Listing Rule 5450(b)(1)(C) requires
companies to maintain a minimum market value of publicly held
shares of at least US$5 million, and Listing Rule 5810(c)(3)(D)
provides that a failure to meet the market value requirement exists
if the deficiency continues for a period of 30 consecutive business
days. Based on the market value of the Company for the 30
consecutive business days from June 12, 2024 to July 26, 2024, the
Company no longer meets the minimum market value requirement.
The Notification Letter does not impact the Company’s listing on
The Nasdaq Global Select Market at this time. In accordance with
Nasdaq Listing Rule 5810(c)(3)(D), the Company has been provided
180 calendar days, or until January 22, 2025, to regain compliance
with Nasdaq Listing Rule 5450(b)(1)(C). To regain compliance, the
Company’s market value of publicly held shares must exceed US$5
million for a minimum of ten consecutive business days.
In the event that the Company does not regain
compliance by January 22, 2025, the Company will receive written
notification that its American depositary shares representing
ordinary shares (“ADSs”) are subject to delisting and the Company
may appeal the delisting determination to a Hearing’s Panel.
Alternatively, the Company may consider applying to transfer the
ADSs to The Nasdaq Capital Market.
The Company’s business operations are not affected by the
receipt of the Notification Letter.
About Jianzhi Education Technology Group
Company Limited
Headquartered in Beijing and established in
2011, Jianzhi is a leading provider of digital educational content
in China and has been committed to developing educational content
to fulfill the massive demand for high-quality, professional
development training resources in China. Jianzhi started operations
by providing educational content products and IT services to higher
education institutions. Jianzhi also provides products to
individual customers. Leveraging its strong capabilities in
developing proprietary professional development training content
and success in consolidating educational content resources within
the industry, Jianzhi has successfully built up a comprehensive,
multi-dimensional digital educational content database which offers
a wide range of professional development products. Jianzhi embeds
proprietary digital education content into the self-developed
online learning platforms, which are provided to a wide range of
customers through its omni-channel sales system. Jianzhi is also
fully committed to the digitalization and informatization of the
education sector in China. For more information, please visit:
www.jianzhi-jiaoyu.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. 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. 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.
For investor and media inquiries, please
contact:
Janice WangWFS Investor RelationsPhone: +86
13811768559+1 628 283 9214Email: services@wealthfsllc.com
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