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LISHUI, China, Sept. 04, 2024 (GLOBE NEWSWIRE) -- 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.