MIDDLETOWN, Ohio, June 28, 2024 /PRNewswire/ — EpicQuest Education Group International Limited (NASDAQ: EEIQ), (“EpicQuest Education”, “EEIQ” or the “Company”), a provider of higher education to domestic and international students in the United States, Canada and the United Kingdom, announced that it has received a default notice (the “Letter”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) on 24 June 2024 This indicates that the Company does not currently meet the minimum bid price requirement set forth in Nasdaq’s listing rules for continued listing on the Nasdaq Capital Market, as the closing bid price for the Company’s common shares listed on the Nasdaq Capital Market is below 1,00 € per share for 30 consecutive business days. Nasdaq Listing Rule 5550(a)(2) requires a minimum bid price for listed securities of 1,00 € per share, and Nasdaq Listing Rule 5810(c)(3)(A) states that the required minimum bid price will not be met if this deficiency persists for a period of 30 consecutive business days.
The letter provides that the company has a period of 180 calendar days from the date of the letter, or until December 23, 2024to restore compliance with the minimum bid price requirement. If at any time prior to December 23, 2024the final offer price of the Company’s common shares is at or above 1,00 € per share for at least 10 consecutive business days, Nasdaq will provide the Company with written confirmation of compliance.
If the company does not comply with the regulations by December 23, 2024the company may be entitled to additional time to restore compliance. To qualify, the company would need to meet the continued listing requirements for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, except for the minimum bid price requirement. In addition, the company would need to notify Nasdaq of its intent to cure the deficiency during the second compliance period.
Receipt of the letter will have no immediate impact on the listing of the Company’s common stock, which will continue to trade without interruption on the Nasdaq under the ticker symbol “EEIQ.”
About EpicQuest Education Group International Limited
EpicQuest Education Group International Limited (“EpicQuest Education” or the “Company”) provides comprehensive education solutions for domestic and international students pursuing a university or college degree in the United States. Canada and the UK. The company owns and operates EduGlobal University, based in British Columbia, Canadathat focuses on English language learning programs for students pursuing academic degrees. The company operates and owns 70% of Davis University, a professional training university in Toledo, OhioIn addition, the company maintains a recruitment relationship with the Miami University Regional campuses where it maintains housing facilities, a full-service cafeteria, recreational facilities, shuttle buses, and a regional campus office that provides study abroad and post-study services to its students; these facilities are not owned, maintained, operated, or part of Miami UniversityThe company is also a recruitment agent for the University of the West of Scotland (via The Education Group (London) Ltd) and Coventry University, both based in the UK. EpicQuest Education recently launched a wholly owned subsidiary, Gilmore Inv LLC, in Ohiowhich will offer international educational programs in the field of kinesiology and leisure education. The company also founded a company in OhioSouthGilmore LLC, which was founded to organize sports-related entertainment projects and is 40% owned by Gilmore. For more information, visit www.epicquesteducation.com/.
Safe Harbor Statement
Some of the statements made in this press release constitute “forward-looking statements” within the meaning and scope of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding our beliefs, plans, objectives, expectations, assumptions, estimates, intentions and future performance and involve known and unknown risks, uncertainties and other factors that are beyond our control and that may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that may be forward-looking statements. You can identify these forward-looking statements by the use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “indicate,” “project,” “could,” “intend,” “target” and other similar words and expressions relating to the future.
All written or oral forward-looking statements attributed to us are expressly qualified in their entirety by this cautionary statement, including, without limitation, the risks and uncertainties described in our most recent Form 20-F and otherwise in our SEC reports and filings. Such reports are available upon request from the Company or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We undertake no obligation, and do not undertake any obligation, to update, revise or revise any forward-looking statements after the date hereof or after the respective dates on which such statements are otherwise made.
Contacts:
EpicQuest Education Group International Limited
+1 513-649-8350
[email protected]
Investor Relations:
Precept Investor Relations LLC
David Rudnick
+1 646-694-8538
[email protected]
Source: EpicQuest Education Group International Limited
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