SHANGHAI, Sept. 13, 2021 /PRNewswire/ -- LAIX Inc. ("LAIX"
or the "Company") (NYSE: LAIX), an artificial intelligence (AI)
company in China that creates and
delivers products and services to popularize English learning,
today announced that it has received a letter (the "Letter") from
the New York Stock Exchange (the "NYSE") dated September 8, 2021 and further e-mail
communication on the same date, notifying the Company that (i) it
is below compliance standards due to the Company's total market
capitalization and stockholder's equity, (ii) the due date for the
Company to submit a business plan that demonstrates compliance is
December 8, 2021 and (iii) the
applicable cure period for the Company to regain compliance expires
on March 8, 2023.
Pursuant to applicable NYSE continued listing standards, a
company would be considered "below criteria" by the NYSE if its
total market capitalization is less than $50
million over a 30 trading-day period and its stockholders'
equity is less than $50 million. A
review of the current financial condition of the Company by NYSE
shows that, as of September 7, 2021,
the Company's 30 trading-day average market capitalization was
approximately $49.7 million and its
last reported stockholders' equity as of June 30, 2021 was approximately $(104.7) million. Accordingly, the Company is now
subject to the procedures as set forth in Sections 801 and 802 of
the NYSE Listed Company Manual, and is required to respond within
90 days of the Letter with a business plan that demonstrates
compliance with the continued listing standard within 18 months of
receipt of the Letter. The business plan will be reviewed for final
disposition by the Listings Operations Committee of the NYSE.
To address this issue, LAIX
intends to comply with the applicable procedures and is still
considering its options to regain compliance.
About LAIX Inc.
LAIX Inc. ("LAIX" or the "Company") is an artificial
intelligence (AI) company in China
that creates and delivers products and services to popularize
English learning. Its proprietary AI teacher utilizes cutting-edge
deep learning and adaptive learning technologies, big data,
well-established education pedagogies and the mobile internet. LAIX
believes its innovative approach fundamentally transforms learning.
LAIX provides its products and services on demand via its mobile
apps, primarily its flagship "English Liulishuo" mobile app
launched in 2013. On the Company's platform, AI technologies are
seamlessly integrated with diverse learning content incorporating
well-established language learning pedagogies, gamified features
and strong social elements to deliver an engaging, adaptive
learning experience. LAIX provides a variety of courses inspired by
a broad range of topics and culture themes to make English learning
more interesting and is committed to offering a fun, interactive
learning environment to motivate and engage its users.
For more information, please visit: http://ir.laix.com.
Safe Harbor Statement
This announcement contains forward-looking statements. 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," "aims," "future," "intends,"
"plans," "believes," "estimates," "confident," "potential,"
"continue" or other similar expressions. LAIX may also make written
or oral forward-looking statements in its periodic reports to the
Securities and Exchange Commission, 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
but not limited to statements about LAIX's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a variety
of factors could cause actual results to differ materially from
those contained in any forward-looking statement, including but not
limited to the following: LAIX's goals and strategies; LAIX's
future business development, results of operations and financial
condition; the expected growth of the education market; LAIX's
ability to monetize the user base; fluctuations in general economic
and business conditions in China;
PRC governmental policies, laws and regulations relating to the
Company's industry; the potential impact of the COVID-19 to LAIX's
business operations and the economy in China and elsewhere generally; and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in the Company's
filings with the Securities and Exchange Commission. All
information provided in this press release is as of the date of the
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:
LAIX Inc.
Jiazhuo Zheng
Investor Relations
Email: ir@laix.com
The Piacente Group Investor Relations
Brandi Piacente
Tel: +1-212-481-2050
Email: liulishuo@tpg-ir.com
Emilie Wu
Tel: +86-21-6039-8363
Email: liulishuo@tpg-ir.com
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SOURCE LAIX Inc.