BEIJING, Oct. 8, 2021 /PRNewswire/ -- RISE Education
Cayman Ltd ("RISE" or the "Company") (NASDAQ: REDU) today
announced that it received a letter (the "Nasdaq Letter")
dated September 27, 2021 from the
Listing Qualification Department of The NASDAQ Stock
Market LLC ("Nasdaq") indicating that the Company is not
in compliance with the minimum bid price requirement of
US$1.00 per share under the Nasdaq
Listing Rules (the "Listing Rules"). Based on the closing bid price
of the Company's listed securities for the last 30 consecutive
business days from August 13, 2021
through September 24, 2021, the Company no longer meets the
minimum bid price requirement set forth in Listing Rule
5550(a)(2).
The Nasdaq Letter states that under Listing Rule 5810(c)(3)(A),
the Company is provided with a compliance period of 180 calendar
days, or until March 28, 2022, to regain compliance with the
Listing Rules. To regain compliance with the Listing Rules, the
closing bid price of the Company's listed securities must be at
least US$1.00 for a minimum of ten consecutive business days. If
the Company does not regain compliance by March 28, 2022, the
Company may be eligible for additional time to regain compliance or
may face delisting.
The Company intends to monitor the closing bid price of its
listed securities and is considering the options available to it to
regain compliance with the Listing Rules within the compliance
period.
About RISE Education
RISE Education Cayman Ltd ("RISE" or the "Company") (NASDAQ:
REDU) is a leading education service provider that focuses on the
development of cognitive and aptitude training for young children
facilitated by an integrated Online-Merge-Offline (OMO) teaching
approach model. Since its establishment in 2007, RISE has focused
on building a holistic education system that helps children develop
well-rounded skills and cultivate their talents with vision,
motivation and innovation.
The Company's mission is to create an aptitude education
ecosystem that specializes in early child development, cognitive
thinking, and aptitude training. Through digital transformation and
continuous upgrading of its business and operations, RISE consists
of five brands – RISE English, an aptitude training brand for
students above six years old; Hiyeah, a brand focusing on social
interaction and emotional development of children between three to
eight years old; WhySTEAM, a brand focusing on STEAM-oriented
aptitude development for children under eight years old; RISE Study
Tour, a brand for students' comprehensive practical aptitude
development; and The Edge, a premium brand for academic tutoring,
test preparation and admissions consulting services. For more information, please visit
http://ir.risecenter.com/.
Safe Harbor Statement
This press release contains statements
of a forward-looking nature. These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. You can identify these forward-looking
statements by terminology such as "will," "expects," "believes,"
"anticipates," "intends," "estimates" and similar statements. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about RISE and the industry. All
information provided in this press release is as of the date
hereof, and RISE undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although RISE believes that the expectations
expressed in these forward-looking statements are reasonable, it
cannot assure you that its expectations will turn out to be
correct, and investors are cautioned that actual results may differ
materially from the anticipated results.
For investor and media inquiries, please
contact:
Luna Xing
RISE Education
Email: riseir@rdchina.net
Tel: +86 (10) 8559-9191
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SOURCE RISE Education Cayman Ltd