Exhibit 99.1
LAIX Inc. Announces Receipt of NYSE Non-Compliance Letter
SHANGHAI, September 13, 2021 /PRNewswire/ — LAIX Inc. (“LAIX” or the “Company”) (NYSE: LAIX), an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning, today announced that it has received a letter (the “Letter”) from the New York Stock Exchange (the “NYSE”) dated September 8, 2021 and further e-mail communication on the same date, notifying the Company that (i) it is below compliance standards due to the Company’s total market capitalization and stockholder’s equity, (ii) the due date for the Company to submit a business plan that demonstrates compliance is December 8, 2021 and (iii) the applicable cure period for the Company to regain compliance expires on March 8, 2023.
Pursuant to applicable NYSE continued listing standards, a company would be considered “below criteria” by the NYSE if its total market capitalization is less than $50 million over a 30 trading-day period and its stockholders’ equity is less than $50 million. A review of the current financial condition of the Company by NYSE shows that, as of September 7, 2021, the Company’s 30 trading-day average market capitalization was approximately $49.7 million and its last reported stockholders’ equity as of June 30, 2021 was approximately $(104.7) million. Accordingly, the Company is now subject to the procedures as set forth in Sections 801 and 802 of the NYSE Listed Company Manual, and is required to respond within 90 days of the Letter with a business plan that demonstrates compliance with the continued listing standard within 18 months of receipt of the Letter. The business plan will be reviewed for final disposition by the Listings Operations Committee of the NYSE.
To address this issue, LAIX intends to comply with the applicable procedures and is still considering its options to regain compliance.
About LAIX Inc.
LAIX Inc. (“LAIX” or the “Company”) is an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning. Its proprietary AI teacher utilizes cutting-edge deep learning and adaptive learning technologies, big data, well-established education pedagogies and the mobile internet. LAIX believes its innovative approach fundamentally transforms learning. LAIX provides its products and services on demand via its mobile apps, primarily its flagship “English Liulishuo” mobile app launched in 2013. On the Company’s platform, AI technologies are seamlessly integrated with diverse learning content incorporating well-established language learning pedagogies, gamified features and strong social elements to deliver an engaging, adaptive learning experience. LAIX provides a variety of courses inspired by a broad range of topics and culture themes to make English learning more interesting and is committed to offering a fun, interactive learning environment to motivate and engage its users.
For more information, please visit: http://ir.laix.com.
