05:37 AM EDT, 05/30/2024 (MT Newswires) -- Hywin Holdings Ltd. ( HYW ) said Thursday that it has received notice from the Nasdaq Stock Market that the company is not in compliance with the minimum bid price requirement under Nasdaq listing rules.

This comes as the closing bid price of the company's American depositary shares was below $1 per ADS for 30 consecutive trading days.

The company has 180 calendar days, or until Nov. 25, to regain compliance with the minimum bid price requirement. If it is unable to do so, the company may be eligible for an additional 180-day compliance period, in which case it will need to provide a plan to cure the deficiency during the second compliance period.

The company said that the notice has no immediate effect on the listing or trading of its American depositary shares on Nasdaq and it will take all reasonable measures to regain compliance within the given time.

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