Jianzhi Education Technology Notifies Shareholders of NASDAQ Minimum Bid Price Warning

BEIJING, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Jianzhi Education Technology Group Company Limited (the 'Company' or 'Jianzhi') JZ, a front-runner in China’s digital education content industry, has disclosed receipt of a formal notice from the NASDAQ Stock Market's staff. This notification informed Jianzhi of a non-compliance with the NASDAQ's minimum bid price requirement. NASDAQ Listing Rule 5450(a)(1) mandates listed securities to maintain a minimum closing bid price of $1.00 per share over a consecutive 30 trading-day period. Jianzhi acknowledged this deficiency in their pricing, having fallen short of the stipulated minimum.

Understanding the Implications of NASDAQ's Notice

The notice initiates a 180-day period, concluding on February 8, 2025, for Jianzhi to regain compliance. During this period, the company's shares will continue to trade on the NASDAQ. To achieve compliance, Jianzhi’s shares must attain a minimum closing bid price of at least $1.00 for a minimum of ten consecutive business days. Failure to meet this requirement within the granted compliance timeframe may result in Jianzhi being delisted from the NASDAQ Exchange.

Jianzhi’s Response to the Notification

The company has expressed its commitment to address this minimum bid price deficiency. Jianzhi is currently exploring all possible options, which may include a potential reverse stock split, subject to shareholder approval, as a corrective strategy to comply with NASDAQ's bid price rule. Jianzhi has stated it will communicate openly with its shareholders about its plans to remedy the issue and preserve its NASDAQ listing.

Jianzhi, NASDAQ, Non-compliance