LISHUI, China, Jan. 25,
2024 /PRNewswire/ -- Lixiang Education Holding Co.,
Ltd. (the "Company" or NASDAQ: LXEH), a prestigious private
education service provider in China, today announced that on January 24, 2024 it received a letter from the
Nasdaq Hearing Panel (the "Panel"), notifying the Company that it
has regained compliance with the bid price concern, as required by
the Panel's decision dated November 30,
2023. Accordingly, the Panel has determined to continue the
listing of the Company's securities on The Nasdaq Stock Market (the
"Nasdaq") and is closing this matter.
On May 3, 2023, the Company was
first notified by Nasdaq of its failure to maintain a minimum bid
price of $1.00 per share for 30
consecutive trading days under Nasdaq Listing Rules 5450(a)(1) (the
"Bid Price Rule"), and was given its first 180-day extension, or
until October 30, 2023 to regain
compliance. On November 30, 2023, the
Company was granted an exception until January 31, 2024, to effect a reverse stock split
and thereafter regain compliance with the Bid Price Rule. Effective
January 3, 2024, the Company effected
a 1-for-2 reverse stock split.
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.