BEIJING, April 5,
2022 /PRNewswire/ -- First High-School Education
Group Co., Ltd. ("First High-School Education Group" or the
"Company") (NYSE: FHS), an education service provider primarily
focusing on high schools in Western
China, today announced that it has received a letter (the
"Letter") from the New York Stock Exchange (the "NYSE") dated
March 29, 2022, notifying the Company
that (i) it is below compliance standards due to the Company's
total market capitalization and stockholders' equity, (ii) the
due date for the Company to submit a business plan that
demonstrates compliance is June 27,
2022 and (iii) the applicable cure period for the
Company to regain compliance expires on September 29, 2023.
Pursuant to applicable NYSE continued listing standards, a
company would be considered "below criteria" by the NYSE if its
total market capitalization is less than US$50 million over a 30 trading-day period and
its stockholders' equity is less than US$50
million. A review of the current financial condition of the
Company by the NYSE shows that, as of March
29, 2022, the Company's 30 trading-day average market
capitalization was approximately US$47.4
million and its last reported stockholders' equity as of
June 30, 2021 was approximately US$23.6
million. Accordingly, the Company is now subject to the
procedures as set forth in Sections 801 and 802 of the NYSE Listed
Company Manual, and is required to respond within 90 days of the
Letter with a business plan that demonstrates compliance with the
continued listing standard within 18 months of receipt of the
Letter. The business plan will be reviewed for final disposition by
the Listings Operations Committee of the NYSE.
To address this issue, the Company intends to comply with the
applicable procedures and is still considering its options to
regain compliance.
About First High-School Education Group
First High-School Education Group is an education service
provider primarily focusing on high schools in Western China. The Company aspires to become a
leader and innovator of private high school education in
China, with the focuses on a
comprehensive education management integrating education
information consulting, education research project development,
education talent management, education technology management,
education service management, and general vocational integration
development services. For more information, please visit
https://ir.diyi.top/.
Forward-Looking Statements
Statements in this press release about future expectations,
plans and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in
the U.S. Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to, statements relating to
the expected trading commencement and closing dates. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"should," "target," "will," "would" and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Actual
results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including: the uncertainties related to market conditions
and the completion of the public offering on the anticipated terms
or at all, and other factors discussed in the "Risk Factors"
section of the preliminary prospectus filed with the SEC. Any
forward-looking statements contained in this press release speak
only as of the date hereof, and the Company specifically disclaims
any obligation to update any forward-looking statement, whether as
a result of new information, future events or otherwise.
For Investor and Media Inquiries Please Contact:
First High-School Education Group
Tommy Zhou
Chief Financial Officer
E-mail: tommyzhou@dygz.com
Customer Service
E-mail: FHS_info@dygz.com
Phone: 010-62555966 (9:30-12:00, 13:30-16:00
CST)
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SOURCE First High-School Education Group Co., Ltd