Tillkännagivande • May 12
NYSE to Suspend Trading Immediately in Puxin Limited and Commence Delisting Proceedings The New York Stock Exchange LLC (“NYSE” or “Exchange”) announced that the staff of NYSE Regulation has determined to commence proceedings to delist the American Depositary Shares (“ADSs”), each representing 20 ordinary shares of Puxin Limited (the “Company”) — ticker symbol NEW — from the NYSE. Trading in the Company’s ADSs, which have been halted since May 3, 2022, will now be suspended immediately. NYSE Regulation reached its decision that the Company is no longer suitable for listing pursuant to Listed Company Manual Section 802.01D, after the Grand Court of the Cayman Islands (the “Cayman Court”) ordered the winding up of the Company on April 29, 2022 in accordance with the Cayman Island Companies Act, with Mr. Simon Richard Conway of PwC Corporate Finance & Recovery (Cayman) Limited, together with Mr. Man Chun So and Mr. Yat Kit Jong of PricewaterhouseCoopers Limited, appointed as Joint Official Liquidators (“JOLs”). NYSE Regulation noted the uncertainty as to the ultimate effect of this process on the value of the Company’s ADSs. In addition, NYSE Regulation also noted the restrictions disclosed in the Company’s May 10, 2022 Form 6-K, whereby acquisitions and disposals of the shares of the Company are only permissible subject to the provision of a validation order from the Cayman Court and will not be considered valid from April 29, 2022 onward, unless otherwise agreed to by the JOLs and subsequently, sanctioned by the Cayman Court. The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the Company’s securities upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision. Tillkännagivande • Feb 22
Puxin Limited Announces Regain Compliance with NYSE Minimum Price Requirement Puxin Limited announced on February 21, 2022 that based on a notification letter it received on February 18, 2022 from the New York Stock Exchange ("NYSE"), the Company has regained compliance with the NYSE's continued listing standard for share prices. On August 18, 2021, the Company was notified by the New York Stock Exchange ("NYSE") of its noncompliance with the NYSE's continued listing standards because the average closing price of its American depositary shares had fallen below $1.00 over a period of 30 consecutive trading days. In order to regain compliance with the minimum share price requirement, the Company changed the ratio of its ADSs representing ordinary shares from one (1) ADS representing two (2) ordinary shares to one (1) ADS representing twenty (20) ordinary shares effective on January 31, 2022. On February 18, 2022, NYSE provided confirmation 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. Accordingly, the Company is no longer considered below the $1 continued listing criterion on this matter. Tillkännagivande • Jan 28
Puxin Limited Announces Change to American Depositary Share Ratio Puxin Limited announced that it will change the effective date of its change to the ratio of its American depositary shares ("ADSs"). On January 21, 2022, Puxin announced that it intended to change the ratio of its ADSs representing ordinary shares from one (1) ADS representing two (2) ordinary shares to one (1) ADS representing twenty (20) ordinary shares effective on or about February 1, 2022. In light of current market conditions, Puxin will instead change the ratio of its ADSs effective January 31, 2022. The purpose of the ADS ratio change is to increase the Company's ADS price to be in compliance with the NYSE's trading price requirements. As a result of the change in the ADS ratio, the ADS price is expected to increase proportionally, although the Company can give no assurance that the ADS price after the change in the ADS ratio will be equal to or greater than ten times the ADS price before the change or that the Company will be able to satisfy the NYSE's trading price or other continued listing requirements. Tillkännagivande • Jan 22
Puxin Reports Receipt of NYSE Non-Compliance Notice Regarding Continued Listing Standards Puxin Limited has received written notice from the New York Stock Exchange (the "NYSE") that the Company is not in compliance with the continued listing standards set forth in Section 802.01B of the NYSE Listed Company Manual because its average market capitalization has been less than $50 million over a consecutive 30 trading-day period, and at the same time its last reported stockholders' equity was below $50 million. In accordance with NYSE procedures, the Company has 90 days from its receipt of the Notice to submit a business plan to the NYSE demonstrating how it intends to regain compliance with the NYSE's continued listing standards within 18 months of the date of the Notice. The Company intends to develop and submit a business plan within 90 days of receipt of the Notice that demonstrates its ability to regain compliance with the NYSE's continued listing standards within the required timeframe. The NYSE will then review the business plan for final disposition. In the event the NYSE accepts the plan, the Company will be subject to semi-annual monitoring for compliance with the business plan. In the event the NYSE does not accept the business plan, the Company will be subject to delisting procedures and suspension. The Notice has no immediate impact on the listing of the Company's ADSs, which will continue to trade on the NYSE. Notwithstanding the foregoing, the NYSE will promptly initiate suspension and delisting procedures with respect to a company that is determined to have average global market capitalization over a consecutive 30 trading-day period of less than $15 million. Reported Earnings • Jan 01
Second quarter 2021 earnings: EPS in line with expectations, revenues disappoint Second quarter 2021 results: CN¥15.76 loss per share (down from CN¥0.42 profit in 2Q 2020). Revenue: CN¥674.1m (up 12% from 2Q 2020). Net loss: CN¥1.38b (down CN¥1.41b from profit in 2Q 2020). Revenue missed analyst estimates by 1.2%. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 60% per year, which means it is significantly lagging earnings. Tillkännagivande • Aug 20
Puxin Limited Announces Receipt of NYSE Non-Compliance Notice Regarding Ads Trading Price Puxin Limited announced on August 19, 2021 that, it has received a notice from the New York Stock Exchange dated August 18, 2021, notifying Puxin that it is below compliance criteria in connection with the performance of trading price of Puxin's American depositary shares (ADSs). Pursuant to Section 802.01C of the NYSE's Listed Company Manual, a company will be considered to be below compliance criteria if the average closing price of its security is less than US$1.00 over a consecutive 30 trading-day period. Once notified, the company must bring its share price and average share price back above $1.00 within six months following receipt of the notification. The Company can regain compliance with Section 802.01C at any time during the cure period if the share price is at least $1.00 on both the last trading day of any calendar month within the six-month cure period and the average share price over the 30 trading days preceding the end of that month. In the event that at the expiration of the six-month cure period, both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence suspension and delisting procedures. The Notice has no immediate impact on the listing of the Company's ADSs, which will continue to be listed and traded on the NYSE during the cure period subject to continued compliance with the other listing requirements of the NYSE. To address this issue, the Company intends to monitor the market conditions of its listed securities and is still considering its options. 