MIDDLETOWN, Ohio, June 28,
2024 /PRNewswire/ -- EpicQuest Education Group
International Limited (NASDAQ: EEIQ),
("EpicQuest Education", "EEIQ" or the "Company"), a
provider of higher education for domestic and
international students in the US, Canada and the UK, announced that it
received a delinquency notification letter (the "Letter") from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq") on June 24, 2024
indicating that the Company is not currently in compliance with 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 was below $1.00 per
share for 30 consecutive business days. Nasdaq Listing Rule
5550(a)(2) requires listed securities to maintain a minimum bid
price of $1.00 per share, and Nasdaq
Listing Rule 5810(c)(3)(A) provides that a failure to meet the
minimum bid price requirement exists if the deficiency continues
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, 2024, to regain compliance with the
minimum bid price requirement. If at any time before December 23, 2024, the bid price of the Company's
common shares closes at or above $1.00 per share for a minimum of 10 consecutive
business days, Nasdaq will provide written confirmation of
compliance to the Company.
In the event that the Company does not regain compliance by
December 23, 2024, the Company may be
eligible for additional time to regain compliance. To qualify, the
Company would be required to meet the continued listing requirement
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 be
required to notify Nasdaq of its intent to cure the deficiency
during the second compliance period.
The receipt of the Letter has no immediate effect on the listing
of the Company's common shares, which will continue to trade
uninterrupted on the Nasdaq under the ticker "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 seeking
university and University degrees in the US, Canada and the UK. The Company owns and
operates EduGlobal University, based in British Columbia, Canada, which focuses on
English proficiency educational programming for students pursuing
academic degrees. The Company operates and is a 70% owner of Davis
University, a career training University located in Toledo, Ohio. In addition, the Company has a
recruiting relationship with the Miami
University Regional campuses, where it maintains residential
facilities, a full-service cafeteria, recreational facilities,
shuttle buses and an office for the regional campuses that provides
study abroad and post-study services for its students; these
facilities are not owned, maintained, operated or are a part of
Miami University. The Company is also a
recruiting agent for the University of the West of Scotland (through The Education Group
(London) Ltd) and Coventry University, both of which are located
in the UK. EpicQuest Education recently established a wholly owned
subsidiary, Gilmore Inv LLC, in Ohio, that will offer international
educational programs related to kinesiology and recreation
education. The Company also established a company in Ohio, SouthGilmore LLC that has been formed to
organize sports-related entertainment projects, which is 40% owned
by Gilmore. For more information, please
visit www.epicquesteducation.com/.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections 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 with respect to our
beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates, intentions, and future performance, and
involve known and unknown risks, uncertainties and other factors,
which may be beyond our control, and which may cause the actual
results, performance, capital, ownership or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements. All statements other than statements of historical fact
are statements that could be forward-looking statements. You can
identify these forward-looking statements through our use of words
such as "may," "will," "anticipate," "assume," "should,"
"indicate," "would," "believe," "contemplate," "expect,"
"estimate," "continue," "plan," "point to," "project," "could,"
"intend," "target" and other similar words and expressions of the
future.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those 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 have no obligation and do not undertake to
update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
Contacts:
EpicQuest Education Group International Limited
+1
513-649-8350
info@epicquesteducation.com
Investor Relations:
Precept Investor Relations
LLC
David Rudnick
+1 646-694-8538
david.rudnick@preceptir.com
Source: EpicQuest Education Group International
Limited
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SOURCE EpicQuest Education Group International Limited