FOSHAN, China, Sept. 2,
2022 /PRNewswire/ -- Bright Scholar
Education Holdings Limited ("Bright Scholar" or the "Company")
(NYSE: BEDU), a global premier education service
company, today announced that based upon a notice the Company
received on September 1,
2022 from the New York Stock Exchange (the "NYSE"), the
Company has regained compliance with the NYSE's continued listing
standard for share prices.
On March 25, 2022, the NYSE
notified the Company of its non-compliance with the NYSE's price
criteria for continued listing standard because, as of
March 24, 2022, the average closing price of the Company's
American Depositary Shares (the "ADSs") was less than US$1.00 per ADS over a consecutive 30 trading-day
period. In order to regain compliance with the minimum share price
requirement, the Company changed the ratio of its ADSs to its Class
A ordinary shares (the "ADS Ratio"), par value US$0.00001 per share, from the previous ADS Ratio
of one (1) ADS to one (1) Class A ordinary share to the current ADS
Ratio of one (1) ADS to four (4) Class A ordinary shares, effective
August 19, 2022.
On September 1, 2022, the Company
received a confirmation from the NYSE that a calculation of the
Company's average ADS price for the 30-trading days ended
August 31, 2022, indicated that the
Company's ADS price was above the NYSE's minimum requirement of
US$1.00 based on a 30-trading day
average. Accordingly, the Company is no longer considered below the
US$1.00 continued listing criterion.
As a result, the Company has regained compliance within the
prescribed time, and the ADSs will continue to be traded on the
NYSE, subject to the Company's continued compliance with all
applicable continued listing criteria.
About Bright Scholar Education Holdings Limited
Bright Scholar is a global premier education service company,
which primarily provides quality international education to global
students and equip them with the critical academic foundation and
skillsets necessary to succeed in the pursuit of higher education.
Bright Scholar also complements its international offerings with
Chinese government-mandated curriculum for students who wish to
maintain the option of pursuing higher education in China.
Safe Harbor Statement
This announcement contains 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 forward-looking statements include,
without limitation, the Company's business plans and development,
which can be identified by terminology such as "may," "will,"
"expect," "anticipate," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to" or other
similar expressions. Such statements are based upon management's
current expectations and current market and operating conditions
and relate to events that involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond the Company's control, which
may cause the Company's actual results, performance or achievements
to differ materially from those in the forward-looking statements.
Further information regarding these and other risks, uncertainties
or factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
SOURCE Bright Scholar Education Holdings Ltd.