Lixiang Education Received Notice of Failure to Satisfy Continued Listing Rule
September 04 2024 - 4:15PM
Lixiang Education Holding Co., Ltd. (the “Company” or NASDAQ:
LXEH), a prestigious private education service provider in China,
today announced that it received a written notice (the
“Notice”) from the Listing Qualifications Department of The
Nasdaq Global Market on August 29, 2024 indicating that the
Company was not in compliance with Listing Rule 5450(b)(1)(C)(the
“Minimum Market Value of Publicly Held Shares Rule”), which
requires the Company to maintain a minimum market value
of publicly held shares of US$5 million for continued listing on
the Nasdaq Global Market.
The Minimum Market Value of Publicly Held Shares
Rule requires listed securities to maintain a minimum market value
of publicly held shares of US$5 million, and Listing Rule
5810(c)(3)(D) provides that a failure to meet this requirement
exists if the deficiency continues for a period of 30 consecutive
business days. Based on the market value of publicly held shares of
the Company from July 15, 2024 to August 28, 2024, the Company no
longer meets the requirement of the Minimum Market Value of
Publicly Held Shares Rule. In accordance with Listing Rule
5810(c)(3)(D), the Company has been provided 180 calendar days, or
until February 25, 2025, to regain compliance with the Minimum
Market Value of Publicly Held Shares Rule. 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 during
the 180-day period or prior to February 25,
2025. In the event that the Company does not regain compliance
with the Minimum Market Value of Publicly Held Shares Rule by
February 25, 2025, the Company will receive written notification
that its securities are subject to delisting.
Alternatively, the Company may consider applying to transfer
the listing of its securities to the Nasdaq Capital Market, subject
to applicable continued listing requirements.
The Company intends to actively monitor its market value of
publicly held shares between now and February 25, 2025.
The Notice is only notification of deficiency, not of imminent
delisting, and has no current effect on the listing or trading of
the Company’s securities on the Nasdaq Global Market.
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.
For more information, please contact:
Siyi
YeTel: +86-578-2267142Email: irlxeh@lsmxjy.com
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