BEIJING, Feb. 21, 2022 /PRNewswire/ -- Puxin Limited
(NYSE: NEW) ("Puxin" or the "Company"), a private educational
services provider in China, today
announced that based on a notification letter it received on
February 18, 2022 from the New York
Stock Exchange ("NYSE"), the Company has regained compliance with
the NYSE's continued listing standard for share prices.
On August 18, 2021, the Company
was notified by the New York Stock Exchange ("NYSE") of its
noncompliance with the NYSE's continued listing standards because
the average closing price of its American depositary shares had
fallen below $1.00 over a period of
30 consecutive trading days. In order to regain compliance with the
minimum share price requirement, the Company changed the ratio of
its ADSs representing ordinary shares from one (1) ADS representing
two (2) ordinary shares to one (1) ADS representing twenty (20)
ordinary shares effective on January 31,
2022.
On February 18, 2022, NYSE
provided confirmation to the Company that a calculation of the
Company's average stock price for the 30-trading days ended
February 18, 2022 indicated that the
Company's stock price was above the NYSE's minimum requirement of
$1 based on a 30-trading day average.
Accordingly, the Company is no longer considered below the
$1 continued listing criterion on
this matter.
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. 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
consolidator of private educational services 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 STEAM and study-abroad tutoring programs to provide
quality educational services to students, and has developed online
and mobile applications to enhance students' learning experience.
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