Puxin Limited (NYSE: NEW) disclosed that it has received a letter from NYSE which informed the company that it has recovered compliance with the NYSE's continued listing standard for share prices. Puxin Limited is a Chinese conglomerate of private educational services. Puxin has extensive purchase and merging experience that may help purchased aims at supporting their educational quality and organizational effectiveness.
Previously, the New York Stock Exchange (NYSE) informed the Company on August 18, 2021, that it had violated the NYSE's continued listing rules because the average closing price of its American depositary shares had dropped below $1.00 for 30 consecutive trading days. On January 31, 2022, the Company modified the ratio of its ADSs indicating ordinary shares from one ADS comprising two ordinary shares to one ADS reflecting twenty ordinary shares to recover conformity with the minimum share price criterion.
The NYSE confirmed to the Company on February 18, 2022, that an assessment of the Company's average stock price for the 30-trading days ending February 18, 2022, showed that the Company's stock price was above the NYSE's minimum standard of $1 based on a 30-trading day average. As a result, the Company meets the $1 continuing listing threshold in this regard.
Furthermore, Puxin had previously stated that it is exploring opportunities to grow its present company in China by joining the fast-food chain restaurant industry. The company has a strong integration capability, and it anticipates its Puxin Business System, which has 3,000 management modules, will help it optimize the operating system and business performance of current restaurants.