BEIJING, June 24,
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
June 21, 2022, notifying the Company
that it is below compliance standards due to the trading price of
the Company's American depositary shares (the "ADSs") and that the
applicable cure period for the Company to regain compliance expires
on December 21, 2022.
Pursuant to applicable NYSE continued listing standards, a
company would be considered "below criteria" by the NYSE if the
average closing price of a security as reported on the consolidated
tape is less than $1.00 over a
consecutive 30 trading-day period. Once notified, the company must
bring its ADS trading price and average ADS trading price back
above $1.00 within the applicable
cure period following receipt of the notification. The company can
regain compliance at any time during the cure period if on the last
trading day of any calendar month during the cure period the
company has an ADS closing price of at least $1.00 and an average ADS closing price of at
least $1.00 over the 30 trading-day
period ending on the last trading day of that month. In the event
that at the expiration of the cure period, both a $1.00 ADS closing price on the last trading day
of the cure period and a $1.00
average ADS closing price over the 30 trading-day period ending on
the last trading day of the cure period are not attained, the NYSE
will commence suspension and delisting procedures.
To address this issue, the Company intends to monitor the market
conditions of its listed securities and is still considering its
options.
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