BEIJING, Aug. 19, 2021 /PRNewswire/ -- Puxin Limited
(NYSE: NEW) ("Puxin" or the "Company"), a successful consolidator
of the after-school education industry in China, today announced that, it has received a
notice (the "Notice") from the New York Stock Exchange (the "NYSE")
dated August 18, 2021, notifying
Puxin that it is below compliance criteria in connection with the
performance of trading price of Puxin's American depositary shares
(the "ADSs").
Pursuant to Section 802.01C of the NYSE's Listed Company Manual,
a company will be considered to be below compliance criteria if the
average closing price of its security is less than US$1.00 over a consecutive 30 trading-day period.
Once notified, the company must bring its share price and average
share price back above US$1.00 within
six months following receipt of the notification. The Company can
regain compliance with Section 802.01C at any time during the cure
period if the share price is at least US$1.00 on both the last trading day of any
calendar month within the six-month cure period and the average
share price over the 30 trading days preceding the end of that
month. In the event that at the expiration of the six-month cure
period, both a US$1.00 closing share
price on the last trading day of the cure period and a US$1.00 average closing share price over the 30
trading-day period ending on the last trading day of the cure
period are not attained, the NYSE will commence suspension and
delisting procedures.
The Notice has no immediate impact on the listing of the
Company's ADSs, which will continue to be listed and traded on the
NYSE during the cure period subject to continued compliance with
the other listing requirements of the NYSE.
To address this issue, the Company intends to monitor the market
conditions of its listed securities and is still considering its
options.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995, including, without limitation,
statements regarding the Company's future share price and the
Company's ability to cure the price deficiency within the required
cure period. These forward-looking statements can be identified by
terminology such as "will," "may," "would," "expect," "anticipate,"
"future," "intend," "aim," "plan," "believe," "estimate,"
"predict," "project," "continue," "confident" and similar
statements. The Company may also make written or oral
forward-looking statements in its reports filed with or furnished
to the U.S. Securities and Exchange Commission, 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. Any statements that are not historical
facts, including statements about the Company's beliefs and
expectations, are forward-looking statements that involve factors,
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Such
factors and risks include, but not limited to the following: its
goals and strategies, its ability to achieve and maintain
profitability, its ability to attract and retain students to enroll
in its courses, its ability to effectively manage its business
expansion and successfully integrate businesses it acquired, its
ability to identify or pursue targets for acquisitions, its ability
to compete effectively against its competitors, its ability to
improve the content of its existing courses or to develop new
courses, and relevant government policies and regulations relating
to the Company's corporate structure, business and industry.
Further information regarding these and other risks is included in
the Company's filings with the U.S. Securities and Exchange
Commission. All information provided in this press release is
current as of the date of the press release, and the Company does
not undertake any obligation to update such information, except as
required under applicable law.
About Puxin Limited
Puxin Limited (NYSE: NEW) ("Puxin" or the "Company") is a
successful consolidator of the after-school education industry in
China. Puxin has a strong
acquisition and integration expertise to effectively improve
education quality and operational performance of acquired schools.
Puxin offers a full spectrum of K-12 and study-abroad tutoring
programs designed to help students achieve academic excellence, as
well as prepare for admission tests and applications for top
schools, universities and graduate programs in China and other countries. For more
information, please visit http://www.pxjy.com/.
Contacts
Puxin Limited
Investor Relations
Phone: +86-10-6269-8930
E-mail: ir@pxjy.com
ICA Investor Relations (Asia) Limited
Mr. Kevin Yang
Phone: +86-21-8028-6033
E-mail: puxin@icaasia.com
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SOURCE Puxin Limited