TORONTO,
ON, June 15, 2023 /PRNewswire/ -- Visionary
Education Technology Holdings Group Inc. (the "Company") (NASDAQ:
VEDU), a private education provider headquartered in Canada, with market partners in China, today announced that the Company has
received a written notification (the "Notification Letter") from
the Nasdaq Stock Market LLC ("Nasdaq") on June 14, 2023, notifying the Company that it is
not in compliance with the minimum bid price requirement set forth
in Nasdaq Listing Rules for continued listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum bid price
requirement shall be determined to exist if the deficiency
continues for a period of 30 consecutive business days. Based on
the closing bid price of the Company's common shares for the 30
consecutive business days from May 1,
2023 to June 13, 2023, the
Company no longer meets the minimum bid price requirement.
The Notification Letter is only a notification of deficiency,
not of imminent delisting, and has no current effect on the listing
or trading of the Company's securities on the Nasdaq Capital
Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the
Company has been provided 180 calendar days, or until December 11,
2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To
regain compliance, the Company's common shares must have a closing
bid price of at least US$1.00 for a minimum of 10 consecutive
business days. In the event the Company does not regain compliance
by December 11, 2023, the Company may be eligible for additional
time to regain compliance or may face delisting.
The Company's business operations are not affected by the
receipt of the Notification Letter. The Company intends to monitor
the closing bid price of its common shares and may, if appropriate,
consider implementing available options, including, but not limited
to, implementing a reverse share split of its outstanding common
shares, to regain compliance with the minimum bid price requirement
under the Nasdaq Listing Rules.
About Visionary Education Technology Holdings Group
Inc.
Visionary Education Technology Holdings Group Inc.,
headquartered in Toronto, ON,
Canada, is a private education
provider that offers high-quality education and industrial
resources to students worldwide. The Company aims to provide access
to secondary, college, undergraduate and graduate and vocational
education to students in Canada.
Through technological innovations, that fulfill industrial
standards, more people can learn, grow and succeed, to release
their full career potential. As a fully integrated provider of
educational programs and services in Canada, the Company has been serving, and will
continue to serve, both Canadian and international students and
contributing to the industry. For more information, visit the
Company's website at https://ir.visiongroupca.com/.
Safe Harbor Statement
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions ) are intended
to identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
are: the ability to manage growth, ability to obtain additional
financing in the future to fund capital expenditures; fluctuations
in general economic and business conditions; costs or other factors
adversely affecting our profitability; litigation involving
patents, intellectual property, and other matters; potential
changes in the legislative and regulatory environment; a pandemic
or epidemic; and other factors listed in the Company's Annual
Report on Form 20-F for the year ending March 31, 2022, as amended, and in other filings
made by the Company with the Securities and Exchange Commission
from time to time. The Company undertakes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
applicable law. Such information speaks only as of the date of this
release.
For more information, please contact:
Visionary
Education Technology Holdings Group Inc.
Investor Relations Department
Email: ir@farvision.ca
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SOURCE Visionary Education Technology Holdings
