Shenzhen, china, July 14, 2021 / PRNewswire / – Meten EdtechX Education Group Ltd. (Nasdaq: METX) (“Meten EdtechX” or the “Company”), a leading provider of omnichannel English training services (“ELT”) in China, announced today that the Company has received written notification (the “Notification Letter”) from Nasdaq Stock Market LLC (“Nasdaq”) on July 7, 2021, advising the Company that it is not in compliance with the minimum bid price requirement set out in the Nasdaq rules for maintaining listing on the Nasdaq.
Nasdaq Listing Rule 5550 (a) (2) requires listed securities to maintain a minimum bid price of $ 1.00 per share, and Listing Rule 5810 (c) (3) (A) provides that there is a failure to meet the minimum bid price requirement if the shortfall persists for a period of 30 consecutive business days. Based on the closing bid price of the Company’s ordinary shares during the 30 consecutive working days from May 24, 2021 To July 6, 2021, the Company no longer meets the minimum bid price requirement.
The notification letter does not affect the company’s listing on the Nasdaq Capital Market at this time. In accordance with the Nasdaq Listing Rule 5810 (c) (3) (A), the Company received 180 calendar days, or until January 3, 2022, to restore compliance with the Nasdaq listing rule 5550 (a) (2). To regain compliance, the Company’s common shares must have a closing bid price of at least $ 1.00 for at least 10 consecutive working days. In the event that the Company does not return to compliance by January 3, 2022, the Company may benefit from additional time to comply or risk being delisted.
The Company’s business operations are not affected by receipt of the notification letter. The Company intends to monitor the closing bid price of its Common Shares and may, from time to time, consider implementing available options, including, but not limited to, the implementation of a consolidation of shares of its outstanding common shares, in order to restore compliance with the minimum bid price. requirement under Nasdaq listing rules.
About Meten EdtechX
Meten EdtechX is one of the leading ELT service providers in China, providing English language and skills training for Chinese students and professionals. Through a sophisticated digital platform and a nationwide network of learning centers, the Company provides its services under three industry-leading brands: Meten (ELT services for adults and juniors), ABC (mainly ELT junior services) and Likeshuo (ELT online). The company delivers educational quality and graduate student satisfaction, served by cutting-edge technology deployed throughout its business, including centralized AI-based education and management systems that record and analyze business processes. real-time learning.
The Company is committed to improving the overall English proficiency of the Chinese people to keep abreast of the rapid development of globalization. Its experienced leadership is focused on developing its digital platform and expanding its network of learning centers to provide an ever-evolving service offering to a growing number of students across China.
For more information, please visit: https://investor.metenedu-edtechx.com.
Safe Harbor Declaration
This announcement contains forward-looking statements that involve risks and uncertainties. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” “,” The future “,” intentions “,” plans “,” believes “,” estimates “and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. 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 impact of the COVID-19 outbreak, our ability to attract students without significantly reducing course fees; our ability to continue to hire, train and retain qualified teachers; our ability to maintain and improve our brands; our ability to effectively and efficiently manage the expansion of our school network and to successfully execute our growth strategy; the outcome of any pending or future litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the English language training sector in China; changes in our revenues and certain cost or expense items as a percentage of our revenues; the expected growth of the Chinese English training and private education market; Chinese government policies relating to private education services and providers of such services; health epidemics and other epidemics in China; and general economic conditions in China. Further information regarding these and other risks is included in our Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statement, except as required by applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and the Company does not undertake to update such information, except as required by applicable law.
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SOURCE Meten EdtechX Education Group Ltd.