SHENZHEN, China, September 20, 2022 /PRNewswire/ — Meten Holding Group Ltd. (“Meten Holding Group” or the “Company”) (Nasdaq: METX), an omnichannel training company headquartered in China Providing language and workplace training services and actively developing Metaverse, blockchain and cryptocurrency mining businesses, announced today that it has received a written notification (the “Notification Letter”) from Nasdaq Stock Market LLC (“Nasdaq”) Has 09/16/2022and notifies the Company that it does not meet the minimum bid price requirement set forth in the Nasdaq Rules for continued listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to have a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that there is a failure to meet the minimum bid price requirement if the failure persists for a period of 30 consecutive business days. Based on the closing price of the company’s common stock for the 30 consecutive business days August 4, 2022 to September 15, 2022the Company no longer meets the minimum bid price requirement.
The notification letter does not currently impact the Company’s listing on the Nasdaq Capital Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been made available for 180 calendar days or up March 15, 2023to restore compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the company’s common stock must have a closing price of at least $1.00 for at least 10 consecutive business days. In the event that the company does not regain compliance March 15, 2023the company may be entitled to additional time to regain compliance or face delisting.
The company’s business operations will not be affected by the receipt of the notification letter. The Company intends to monitor the closing price of its common stock and, as appropriate, may consider implementing available options, including but not limited to conducting a consolidation of its outstanding common stock to restore compliance with the reserve bid price of the Nasdaq Listing Rules.
About Meten Holding Group Ltd.
Meten Holding Group Ltd., formerly known as Meten EdtechX Education Group Ltd., is an omnichannel education company headquartered in China Provision of language and workplace training. In addition to its educational services, Meten Holding Group is actively developing metaverse, blockchain and cryptocurrency mining companies to align with its future business development strategy. Meten Holding Group is committed to the development of blockchain-related companies in North America, including cryptocurrency mining, construction of mining farms, and operation of mining pools and data centers. Meten Holding Group is actively exploring Metaverse business such as: B. Metaverse vocational training courses, with its competitive advantages and technologies.
For more information, visit: https://investor.metenedu-edtechx.com.
Safe Harbor Declaration
This release contains forward-looking statements that involve risks and uncertainties. These statements are made in accordance with the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but not limited to the following: the future performance of Met Chain, the joint venture company; the Company’s future development and ability to succeed in its emerging digital currency business; the ongoing impact of the COVID-19 pandemic and the emergence of new variants; the Company’s ability to attract students without a significant reduction in tuition; the Company’s ability to continue to hire, train and retain qualified teachers; the Company’s ability to maintain and enhance our brands; the Company’s ability to effectively and efficiently manage the expansion of the Company’s school network and to successfully implement the Company’s growth strategy; the outcome of any ongoing or future litigation or arbitration, including those relating to copyright and other intellectual property rights; English Language Education Competition in China; Changes in company revenue and certain cost or expense items as a percentage of company revenue; the expected growth of the Chinese English language training and private education market; Chinese government policies regarding private educational services and providers of such services; health epidemics and other outbreaks in China; and general economic situation in China. The Company undertakes no obligation to update any forward-looking statement, except as required by applicable law. All information provided in this press release and the attachments is as of the date of this press release and the Company undertakes no obligation to update this information, except as required by applicable law.
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SOURCE Meten Holding Group Ltd.