Lixiang education receives nasdaq extension to regain $1 bid price compliance

Lishui, china , dec. 6, 2023 /prnewswire/ -- lixiang education holding co., ltd. (the "company" or nasdaq: lxeh), a prestigious private education service provider in china, today announced that on november 30, 2023, it received a letter from the nasdaq hearings panel (the "panel"), indicating the panel's decision to grant an exception period until january 31, 2024 (the "exception period"), for the company to effect the reverse stock split and thereafter regain compliance with the nasdaq stock market llc's (the "nasdaq") listing rule 5450(a)(1) (the "bid price rule"), subject to the terms that (1) on or before november 30, 2023, the company shall obtain its board of directors' approval for a reverse stock split at a ratio that is sufficient to regain and maintain long term compliance with the bid price rule, and the company shall provide an update to the panel on the reverse stock split approval on december 1, 2023; (2) on or before january 5, 2024, the company shall effect a reverse stock split and, thereafter, maintain a $1 closing bid price for a minimum of ten consecutive business days; and (3) on or before january 31, 2024, the company shall have demonstrated compliance with the bid price rule, by evidencing a closing bid price of $1 or more per share for a minimum of ten consecutive trading sessions.
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