SHANGHAI, Sept. 28, 2021 /PRNewswire/ -- LAIX Inc.
("LAIX" or the "Company") (NYSE: LAIX), an artificial intelligence
(AI) company in China that creates
and delivers products and services to popularize English learning,
today announced that it has received a letter (the "Letter") from
the New York Stock Exchange (the "NYSE") dated September 17, 2021 and further e-mail
communication on the same date, notifying the Company that (i) it
is below compliance standards due to the trading price of the
Company's American depositary shares (the "ADSs"), and (ii) the
applicable cure period for the Company to regain compliance expires
on March 17, 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, LAIX intends to monitor the market
conditions of its listed securities and is still considering its
About LAIX Inc.
LAIX Inc. ("LAIX" or the "Company") is an artificial
intelligence (AI) company in China
that creates and delivers products and services to popularize
English learning. Its proprietary AI teacher utilizes cutting-edge
deep learning and adaptive learning technologies, big data,
well-established education pedagogies and the mobile internet. LAIX
believes its innovative approach fundamentally transforms learning.
LAIX provides its products and services on demand via its mobile
apps, primarily its flagship "English Liulishuo" mobile app
launched in 2013. On the Company's platform, AI technologies are
seamlessly integrated with diverse learning content incorporating
well-established language learning pedagogies, gamified features
and strong social elements to deliver an engaging, adaptive
learning experience. LAIX provides a variety of courses inspired by
a broad range of topics and culture themes to make English learning
more interesting and is committed to offering a fun, interactive
learning environment to motivate and engage its users.
For more information, please visit: http://ir.laix.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "aims," "future," "intends,"
"plans," "believes," "estimates," "confident," "potential,"
"continue" or other similar expressions. LAIX may also make written
or oral forward-looking statements in its periodic reports to the
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
but not limited to statements about LAIX's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a variety
of factors could cause actual results to differ materially from
those contained in any forward-looking statement, including but not
limited to the following: LAIX's goals and strategies; LAIX's
future business development, results of operations and financial
condition; the expected growth of the education market; LAIX's
ability to monetize the user base; fluctuations in general economic
and business conditions in China;
PRC governmental policies, laws and regulations relating to the
Company's industry; the potential impact of the COVID-19 to LAIX's
business operations and the economy in China and elsewhere generally; and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in the Company's
filings with the Securities and Exchange Commission. All
information provided in this press release is as of the date of the
press release, and the Company undertakes no duty to update such
information, except as required under applicable law.
For investor and media inquiries, please contact:
The Piacente Group Investor Relations
SOURCE LAIX Inc.