LAIX Inc. Announces Receipt of NYSE Non-Compliance Letter Regarding ADS Trading Price
LAIX Inc. (NYSE: LAIX), an AI company focused on English learning, received a non-compliance letter from the NYSE due to its American depositary shares (ADSs) trading below $1.00. The letter, dated September 17, 2021, grants LAIX a cure period until March 17, 2022, to raise its average trading price above this threshold. The company is evaluating market conditions and its options for compliance. If it fails to meet the criteria by the deadline, LAIX could face suspension and delisting from the NYSE.
- LAIX has until March 17, 2022, to regain compliance with NYSE listing standards.
- LAIX's ADS trading price has fallen below $1.00, indicating potential financial instability.
- Failure to comply by the deadline could lead to suspension and delisting from the NYSE.
SHANGHAI, Sept. 28, 2021 /PRNewswire/ -- LAIX Inc. ("LAIX" or the "Company") (NYSE: LAIX), an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning, today announced that it has received a letter (the "Letter") from the New York Stock Exchange (the "NYSE") dated September 17, 2021 and further e-mail communication on the same date, notifying the Company that (i) it is below compliance standards due to the trading price of the Company's American depositary shares (the "ADSs"), and (ii) the applicable cure period for the Company to regain compliance expires on March 17, 2022.
Pursuant to applicable NYSE continued listing standards, a company would be considered "below criteria" by the NYSE if the average closing price of a security as reported on the consolidated tape is less than
To address this issue, LAIX intends to monitor the market conditions of its listed securities and is still considering its options.
About LAIX Inc.
LAIX Inc. ("LAIX" or the "Company") is an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning. Its proprietary AI teacher utilizes cutting-edge deep learning and adaptive learning technologies, big data, well-established education pedagogies and the mobile internet. LAIX believes its innovative approach fundamentally transforms learning. LAIX provides its products and services on demand via its mobile apps, primarily its flagship "English Liulishuo" mobile app launched in 2013. On the Company's platform, AI technologies are seamlessly integrated with diverse learning content incorporating well-established language learning pedagogies, gamified features and strong social elements to deliver an engaging, adaptive learning experience. LAIX provides a variety of courses inspired by a broad range of topics and culture themes to make English learning more interesting and is committed to offering a fun, interactive learning environment to motivate and engage its users.
For more information, please visit: http://ir.laix.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue" or other similar expressions. LAIX may also make written or oral forward-looking statements in its periodic reports to the 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. Statements that are not historical facts, including but not limited to statements about LAIX's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a variety of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LAIX's goals and strategies; LAIX's future business development, results of operations and financial condition; the expected growth of the education market; LAIX's ability to monetize the user base; fluctuations in general economic and business conditions in China; PRC governmental policies, laws and regulations relating to the Company's industry; the potential impact of the COVID-19 to LAIX's business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
LAIX Inc.
Jiazhuo Zheng
Investor Relations
Email: ir@laix.com
The Piacente Group Investor Relations
Brandi Piacente
Tel: +1-212-481-2050
Email: liulishuo@tpg-ir.com
Emilie Wu
Tel: +86-21-6039-8363
Email: liulishuo@tpg-ir.com
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SOURCE LAIX Inc.
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