LXEH News & Events

Lixiang Education announced that it received a written notice from the Listing Qualifications Department of The Nasdaq Global Market on February 9 indicating that the company was not in compliance with Listing Rule 5450(b)(1)(C), which requires the company to maintain a minimum market value of publicly held shares of $5M for continued listing on the Nasdaq Global Market. The company intends to actively monitor its market value of publicly held shares between now and August 10.

Lixiang Education Holding Co. announced that on October 14, 2024, it received a letter from the Listing Qualification Department of Nasdaq Stock Market notifying the company that "for the last 10 consecutive business days, from September 30 to October 11, 2024, the closing bid price of the Company's American Depositary Shares has been at $1.00 per share or greater. Accordingly, the company has regained compliance with Listing Rule 5450(a)(1), and this matter is now closed." On May 7, 2024, the company was notified by Nasdaq of its failure to maintain a minimum bid price of $1.00 per share for more than 30 consecutive trading days under Nasdaq Listing Rule 5450(a)(1), and was given a compliance period of 180 calendar days, or until November 4, 2024 to regain compliance. Effective September 30, 2024, the Company effected a 1-for-10 reverse stock split.

Lixiang Education announced that it plans to change the ratio of its American depositary shares to its ordinary shares from the current ADS Ratio of one ADS to ten ordinary shares to a new ADS Ratio of one ADS to one hundred ordinary shares. The company anticipates that the ADS Ratio Change will be effective on or about September 30, 2024. For the company's ADS holders, the change in the ADS Ratio will have the same effect as a one-for-ten reverse ADS split.

Lixiang Education announced that Luoyuan Ye resigned as the Chief Financial Officer, CFO, of the Company with effect from August 31, 2024 and will remain as the consultant to the Company. Zhifu Yang was appointed as the CFO with effect from September 2, 2024.