Puxin Limited Announces Return to Compliance with NYSE Minimum Price Requirement

BEIJING, February 21, 2022 /PRNewswire/ — Puxin Limited (NYSE:NEW) (“Puxin” or the “Company”), a private provider of educational services in Chinatoday announced that, based on a notification letter received on February 18, 2022 of the New York Stock Exchange (“NYSE”), the Company has returned to compliance with the NYSE continuous listing standard for stock prices.

At August 18, 2021the Company has been notified by the New York Stock Exchange (“NYSE”) of its non-compliance with the NYSE Continuous Listing Standards because the average closing price of its U.S. Depositary Shares fell below $1.00 over a period of 30 consecutive trading days. In order to regain compliance with the minimum price requirement, the Company has changed the ratio of its ADS representing ordinary shares from one (1) ADS representing two (2) ordinary shares to one (1) ADS representing twenty (20) ordinary shares with effect from January 31, 2022.

At February 18, 2022NYSE has confirmed to the Company that a calculation of the Company’s average stock price for the 30 trading days ended February 18, 2022 indicated that the Company’s stock price was above the NYSE’s minimum requirement of $1 based on a 30 trading day average. As a result, the Company is no longer considered below $1 maintenance of the listing criterion in this regard.

Safe Harbor Statement

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the United States Private Securities Litigation Reform Act of 1995. forward-looking statements can be identified by terms such as “will”, “may”, “should”, “expect”, “anticipate”, “future”, “intend”, “aim”, “plan” , “believes”, “estimates”, “predicts”, “plans”, “continues”, “confident” and similar statements. The Company may also make written or oral forward-looking statements in its reports filed with or provided to the Securities and U.S. 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. All statements that are not historical facts , y including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These factors and risks include, but are not limited to: its objectives and strategies, its ability to achieve and maintain profitability, its ability to attract and retain students to enroll in its courses, its ability to effectively manage the expansion of its business and successfully integrate businesses it has acquired, its ability to identify or pursue acquisition targets, its ability to compete effectively with its competitors, its ability to improve content of its existing courses or to develop new courses, and relevant government policies and regulations relating to the business structure, trade and industry. Further information regarding these and other risks is included in the Company’s filings with the United States Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company assumes no obligation to update such information except as required by applicable law.

About Puxin Limited

Puxin Limited (NYSE: NEW) (“Puxin” or the “Company”) is a private education services consolidator in China. Puxin has strong acquisition and integration expertise to effectively improve the quality of education and operational performance of acquired schools. Puxin offers a full range of STEAM tutoring and study abroad programs to provide quality educational services to students, and has developed online and mobile apps to enhance students’ learning experience. For more information, please visit http://www.pxjy.com/.

contacts

Puxin limited
Investor Relations
Phone: +86-10-6269-8930
E-mail: [email protected]

CIA Investor Relations (Asia) Limit
Sir. Kevin Yang
Phone: +86-21-8028-6033
E-mail: [email protected]

SOURCEPuxin Limited