LISHUI, China, Dec. 15,
2023 /PRNewswire/ -- Lixiang Education Holding Co.,
Ltd. (the "Company" or NASDAQ: LXEH), a prestigious private
education service provider in China, today announced that it plans to change
the ratio of its American depositary shares ("ADSs") to its
ordinary shares (the "ADS Ratio"), par value US$0.0001 per share, from the current ADS Ratio
of one (1) ADS to five (5) ordinary shares to a new ADS Ratio of
one (1) ADS to ten (10) ordinary shares (the "ADS Ratio Change").
The Company anticipates that the ADS Ratio Change will be effective
on or about January 3, 2024 (the
"Effective Date").
For the Company's ADS holders, the change in the ADS Ratio will
have the same effect as a one-for-two reverse ADS split. On the
Effective Date, holders of ADSs in the Direct Registration
System ("DRS") and in The Depository Trust Company ("DTC") will
have their ADSs automatically exchanged and need not take any
action. The exchange of every two (2) then-held (existing) ADSs for
one (1) new ADS will occur automatically, at the Effective Date,
with the then-held ADSs being cancelled and new ADSs being issued
by the depositary bank.
No fractional new ADSs will be issued in connection with the ADS
Ratio Change. Instead, fractional entitlements to new ADSs will be
aggregated and sold by the depositary bank and the net cash
proceeds from the sale of the fractional ADS entitlements (after
deduction of fees, taxes and expenses) will be distributed to the
applicable ADS holders by the depositary bank.
The Company's ADSs will continue to be traded on the Nasdaq
Global Market under the symbol "LXEH." The ADS Ratio Change will
have no impact on the Company's underlying ordinary shares, and no
ordinary shares will be issued or cancelled in connection with the
ADS Ratio Change.
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.
View original
content:https://www.prnewswire.com/news-releases/lixiang-education-announces-plan-to-implement-ads-ratio-change-302016785.html
SOURCE Lixiang Education Holding Co., Ltd.