LISHUI, China, Nov. 7, 2023
/PRNewswire/ -- Lixiang Education Holding Co., Ltd. (the "Company"
or NASDAQ: LXEH), a prestigious private education service provider
in China, today announced that it
received a letter dated November 2,
2023 from the Staff of the Listing Qualifications Department
of the Nasdaq Stock Market ("Nasdaq") notifying the Company that
since its listed securities did not have a closing bid price of at
least US$1.00 for a minimum of 10
consecutive business days during the 180 calendar days ended
October 30, 2023, the Company has not
regained compliance with Nasdaq Listing Rule 5450(a)(1) (the
"Rule"), which requires listed securities to maintain a minimum bid
price of US$1.00 per share.
Previously, Nasdaq granted the Company an extension until
October 30, 2023 to regain compliance with the Rule. As
described in the letter, the Company's listed securities are now
subject to delisting from The Nasdaq Global Market unless the
Company timely submit an application to transfer its securities to
The Nasdaq Capital Market, or requests a hearing before a Nasdaq
Hearings Panel ("Panel").
The Company intends to timely request a hearing before the Panel
to present its plan for regaining compliance with the Rule and
request continued listing pending its return to compliance. A
hearing request will stay the suspension of the Company's
securities and the filing of the Form 25-NSE pending the Panel's
decision.
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.