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Lixiang Education Holding Co., Ltd. (NASDAQ: LXEH) is a leading private education service provider based in Lishui City, Zhejiang Province, China. The company specializes in primary and secondary education, offering comprehensive services for students from grade 1 to grade 9. Additionally, Lixiang operates high school divisions to provide advanced educational opportunities.
Lixiang's educational philosophy is centered around the holistic development of its students, aiming to lay a solid foundation for their lifelong growth and happiness. The company prides itself on its commitment to nurturing well-rounded individuals who are prepared to meet the challenges of the future.
Recently, Lixiang has been navigating some challenges related to its stock market compliance. On November 7, 2023, the company announced that it received a notification from Nasdaq regarding its non-compliance with the minimum bid price requirement of $1.00 per share. Despite this, Lixiang is actively working on regaining compliance. The company has requested a hearing before a Nasdaq Hearings Panel to present its plan for compliance, which has temporarily stayed the suspension of its securities.
In a positive turn of events, on December 6, 2023, Lixiang announced that it received an exception period until January 31, 2024, to effect a reverse stock split and regain compliance with Nasdaq's listing rules. The company has already obtained board approval to change its ADS ratio from one ADS representing five ordinary shares to one ADS representing fifty ordinary shares. This change is part of the company's strategic plan to maintain a stable stock price and ensure long-term compliance.
Furthermore, Lixiang announced another change to its ADS ratio on December 15, 2023. The new ratio will be one ADS representing ten ordinary shares, effective January 3, 2024. This adjustment is intended to streamline the company's stock structure and enhance the value for its shareholders.
As Lixiang Education Holding Co., Ltd. continues to evolve, its dedication to providing high-quality education remains unwavering. The company's efforts to maintain compliance with Nasdaq's regulations demonstrate its commitment to transparency and shareholder value.
Lixiang Education Holding Co., (NASDAQ: LXEH), a private education service provider in China, has regained compliance with Nasdaq's minimum bid price requirement. The company received a letter from Nasdaq on October 14, 2024, confirming that for 10 consecutive business days from September 30 to October 11, 2024, the closing bid price of its American Depositary Shares was $1.00 or higher.
This development resolves the compliance issue raised on May 7, 2024, when Nasdaq notified the company of its failure to maintain a minimum bid price of $1.00 per share for over 30 consecutive trading days. LXEH was given until November 4, 2024, to regain compliance. The company implemented a 1-for-10 reverse stock split effective September 30, 2024, which likely contributed to meeting the minimum bid price requirement.
Lixiang Education Holding Co., (NASDAQ: LXEH), a private education service provider in China, has announced plans to change its American Depositary Shares (ADS) ratio from 1 ADS to 10 ordinary shares to 1 ADS to 100 ordinary shares. This change, effective around September 30, 2024, will have the same effect as a one-for-ten reverse ADS split.
ADS holders in the Direct Registration System and The Depository Trust Company will have their ADSs automatically exchanged. Fractional new ADSs will be aggregated, sold, and the net proceeds distributed to applicable ADS holders. The company's ADSs will continue trading on the Nasdaq Global Market under the symbol 'LXEH'. This change will not impact the underlying ordinary shares of the company.
Lixiang Education Holding Co., (NASDAQ: LXEH) announced a change in its leadership team. Mr. Luoyuan Ye resigned as Chief Financial Officer (CFO) effective August 31, 2024, but will remain as a consultant. Mr. Zhifu Yang was appointed as the new CFO starting September 2, 2024.
Mr. Yang, 42, brings over 15 years of experience in financial accounting and management. He previously served as CFO at Beijing Pengxiang Tianxia Education Technology Co., and Zhi Jin Education Consulting Co., Mr. Yang holds a bachelor's degree in financial accounting from Renmin University of China.
CEO Biao Wei expressed confidence in Mr. Yang's ability to enhance internal controls, financial reporting quality, and support the company's expansion into the vocational education sector.
Lixiang Education Holding Co., (NASDAQ: LXEH), a private education service provider in China, has received a notice from Nasdaq indicating non-compliance with the Minimum Market Value of Publicly Held Shares Rule. The company failed to maintain the required $5 million minimum market value of publicly held shares from July 15 to August 28, 2024. Lixiang has been given until February 25, 2025, to regain compliance by exceeding the $5 million threshold for at least 10 consecutive business days. Failure to comply may result in delisting, though the company may consider transferring to the Nasdaq Capital Market. The notice does not immediately affect LXEH's listing or trading status on the Nasdaq Global Market.
Lixiang Education Holding Co., received a notice from Nasdaq for failing to comply with the Minimum Bid Price Rule, requiring a minimum bid price of US$1.00 per share. The company has 180 days to regain compliance by maintaining a closing bid price of at least US$1.00 for 10 consecutive business days.
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