BEIJING, Nov. 17,
2022 /PRNewswire/ -- First High-School Education
Group Co., Ltd. ("First High-School Education Group" or the
"Company") (NYSE: FHS), an education service provider primarily
focusing on high schools in Western
China, today announced that on November 7, 2022, it was notified by the New York
Stock Exchange ("NYSE") that the staff of the NYSE Regulation has
determined to commence proceedings to delist the American
depositary shares, each representing three Class A Ordinary Shares
(the "ADSs") of the Company. Trading in the ADSs was suspended
after the market close on the NYSE on November 7, 2022.
The NYSE Regulation reached its decision to delist the ADSs
pursuant to Section 802.01B of the NYSE's Listed Company
Manual because the Company had fallen below the NYSE's continued
listing standard requiring listed companies to maintain an average
global market capitalization over a consecutive 30 trading day
period of at least US$15,000,000.
The NYSE will file a Form 25-NSE with the Securities and
Exchange Commission (the "SEC"), which will remove the ADSs from
listing and registration on the NYSE. The Company expects that the
ADSs or the underlying Class A Ordinary Shares will be eligible to
be quoted on an appropriate tier of the OTC Markets. To the extent
the ADSs or the underlying Class A Ordinary Shares are quoted on
the OTC Markets, the Company expects that such markets may provide
less liquidity than the NYSE and that the trading price of the
securities may decline.
About First High-School Education Group
First High-School Education Group is an education service
provider primarily focusing on high schools in Western China. The Company aspires to become a
leader and innovator of private high school education in
China, with the focuses on a
comprehensive education management integrating education
information consulting, education research project development,
education talent management, education technology management,
education service management, and general vocational integration
development services. For more information, please visit
https://ir.diyi.top/.
Forward-Looking Statements
Statements in this press release about future expectations,
plans and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in
the U.S. Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to, statements relating to
the expected trading commencement and closing dates. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"should," "target," "will," "would" and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Actual
results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including: the uncertainties related to market conditions
and the completion of the public offering on the anticipated terms
or at all, and other factors discussed in the "Risk Factors"
section of the preliminary prospectus filed with the SEC. Any
forward-looking statements contained in this press release speak
only as of the date hereof, and the Company specifically disclaims
any obligation to update any forward-looking statement, whether as
a result of new information, future events or otherwise.
For Investor and Media Inquiries Please Contact:
First High-School Education Group
Tommy Zhou
Chief Financial Officer
E-mail: tommyzhou@dygz.com
Customer Service
E-mail: FHS_info@dygz.com
Phone: 010-62555966 (9:30-12:00, 13:30-16:00
CST)
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SOURCE First High-School Education Group Co., Ltd