NYSE to Suspend Trading Immediately in LAIX Inc. (LAIX) and Commence Delisting Proceedings

Rhea-AI Summary

The NYSE announced that it will proceed with the delisting of LAIX Inc.'s American Depositary Shares (ADSs) due to the company's failure to maintain a minimum global market capitalization of at least $15 million over a 30-day trading period. The trading of LAIX ADSs was suspended after market close on April 7, 2022. The company has the right to appeal this decision to a Committee of the Board of Directors, and the NYSE will apply for delisting with the Securities and Exchange Commission after all procedures, including any appeals, are completed.

Positive

• None.

Negative

• Failed to meet NYSE's continued listing standard with a market cap below $15 million.
• Trading of LAIX ADSs suspended since April 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 fourteen Class A Ordinary Shares (the “ADSs”) of LAIX Inc. (the “Company”) — ticker symbol LAIX — from the Exchange. Trading in the Company’s ADSs was suspended after the market close on the NYSE on April 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/20220407006066/en/

Company Contact:

LAIX Inc.

Investor Relations

Email: ir@laix.com



NYSE Contact:

NYSE Communications

PublicRelations-NYSE@ice.com

Source: NYSE Regulation

FAQ

What led to the delisting of LAIX on the NYSE?

LAIX was delisted due to failing to meet the NYSE's requirement for a minimum average global market capitalization of $15 million.

When was trading suspended for LAIX ADSs?

Trading in LAIX ADSs was suspended after market close on April 7, 2022.

Can LAIX appeal the delisting decision?

Yes, LAIX has the right to appeal the delisting decision to a Committee of the Board of Directors of the NYSE.

What is the market capitalization requirement for NYSE listing?

The NYSE requires listed companies to maintain a minimum average global market capitalization of $15 million over a consecutive 30 trading-day period.