RISE Education Receives Notification From Nasdaq Regarding Minimum Offer Price Compliance
BEIJING, October 8, 2021 -RISE Education Cayman Ltd (“RISE” or the “Company”) (NASDAQ: REDU) today announced that it has received a letter (the “Nasdaq Letter”) dated September 27, 2021 from the qualification of NASDAQ Stock Market LLC (“Nasdaq”) listings indicating that the Company is not in compliance with the minimum bid price requirement of US $ 1.00 per share under the Nasdaq listing rules (the “Registration rules”). Based on the closing bid price of the listed securities of the Company during the last 30 consecutive business days from August 13, 2021 to September 24, 2021, the Company no longer meets the minimum bid price requirement set out in the listing rule. 5550 (a) (2).
Nasdaq letter states that under listing rule 5810 (c) (3) (A), the company has a compliance period of 180 calendar days, or until March 28, 2022, to comply again to the listing rules. To restore compliance with the Listing Rules, the closing bid price of the listed securities of the Company must be at least US $ 1.00 for at least ten consecutive business days. If the Company does not restore compliance by March 28, 2022, the Company may be given additional time to restore compliance or may be subject to delisting.
The Company intends to monitor the closing bid price of its listed securities and is reviewing options available to it to re-comply with the listing rules during the compliance period.
About RISE Education
RISE Education Cayman Ltd. (“RISE” or the “Company”) (NASDAQ: REDU) is a leading educational services provider focused on the development of cognitive training and skills for young children facilitated by a integrated online-merge-offline (OMO) model of pedagogical approach. Since its inception in 2007, RISE has focused on building a holistic education system that helps children develop comprehensive skills and cultivate their talents with vision, motivation and innovation.
The company’s mission is to create a skills education ecosystem specializing in early childhood development, cognitive thinking and skills training. Through digital transformation and continuous upgrading of its business and operations, RISE consists of five brands – RISE English, a brand of skills training for students over six years of age; Hiyeah, a brand focused on social interaction and emotional development for children aged three to eight; WhySTEAM, a brand focused on building STEAM-focused skills for children under eight; RISE Study Tour, a brand for the comprehensive development of practical skills of students; and The Edge, a premium brand for academic tutoring, test preparation and admission counseling services. For more information, please visit http://ir.risecenter.com/.
Safe Harbor Declaration
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. You may identify these forward-looking statements by words such as “will”, “expects”, ” believe ”,“ intentions ”,“ estimates ”and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections regarding RISE and the industry. All information provided in this press release is as of the date hereof, and RISE does not undertake to update any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, unless the law requires it. Although RISE believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will prove to be correct, and investors are cautioned that actual results may differ materially from anticipated results.
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Phone. : +86 (10) 8559-9191