NYSE to Suspend Trading Immediately in First High-School Education Group Co. Ltd. (FHS) and Commence Delisting Proceedings

Rhea-AI Summary

The NYSE announced it will begin proceedings to delist the American Depositary Shares (ADSs) of First High-School Education Group (ticker symbol FHS) due to non-compliance with the Exchange's continued listing standards. Trading of the ADSs was suspended on November 7, 2022, after the Company fell below the minimum average global market capitalization requirement of $15,000,000 over 30 trading days. The Company has the right to appeal this decision to the NYSE Board of Directors before the delisting occurs.

Positive

• None.

Negative

• Company fell below the NYSE required market capitalization of $15,000,000.
• Trading of ADSs suspended since November 7, 2022.

NEW YORK--(BUSINESS WIRE)-- The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the American Depositary Shares, each representing three Class A ordinary shares (the “ADSs”) of First High-School Education Group Co. Ltd. (the “Company”) — ticker symbol FHS — from the Exchange. Trading in the Company’s ADSs was suspended after the market close on the NYSE on November 7, 2022.

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 $15,000,000.

The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the ADSs upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221107006135/en/

Company Contact:

First High-School Education Group

Tommy Zhou

Chief Financial Officer

E-mail: tommyzhou@dygz.com

NYSE Contact:

NYSE Communications

PublicRelations-NYSE@ice.com

Source: NYSE Regulation

FAQ

Why is FHS being delisted from the NYSE?

FHS is being delisted due to falling below the NYSE's required average global market capitalization of $15,000,000.

When was trading for FHS suspended?

Trading for FHS was suspended on November 7, 2022.

What are the next steps for FHS regarding the delisting?

FHS can appeal the delisting decision to the NYSE Board of Directors before it takes effect.

What will happen to FHS stock after the NYSE delisting?

Following the delisting, FHS stock may trade on the over-the-counter (OTC) market.