Akso Health Group Receives Notice of Filing Delinquency From Nasdaq
Akso Health Group (NASDAQ: AHG) announced it received a notification from Nasdaq on August 16, 2022, for not complying with timely filing requirements, as it has not filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2022. The Company has 60 days to address this deficiency or submit a plan to regain compliance by October 17, 2022. The notification does not affect the Company's business operations. Akso Health also plans to expand into cancer therapy services, including opening 100 radiation oncology centers in the U.S.
- Plans to develop a new business in cancer therapy and radiotherapy oncology services.
- Intent to open 2 vaccine research centers and 100 radiation oncology centers on the U.S. east coast.
- Received a notification for non-compliance with Nasdaq's filing requirements.
- Failure to file the Annual Report on Form 20-F could lead to delisting from Nasdaq.
BEIJING, Aug. 17, 2022 /PRNewswire/ -- Akso Health Group. (NASDAQ: AHG) ("Akso Health" the "Company" or "we"), today announced that the Company received a written notification (the "Notification") from the Nasdaq Stock Market LLC ("Nasdaq") on August 16, 2022, indicating the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rules 5250(c)(1) since the Company has not yet filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2022 (the "Filing") with the Securities and Exchange Commission (the "SEC").
In accordance with Nasdaq Listing Rule 5250(c)(1), the Company has up to 60 calendar days to either cure the deficiency or to submit a plan to Nasdaq showing how it intends to regain compliance. If the plan is accepted, Nasdaq can grant the Company an exception of up to 180 calendar days from the Filing's due date, or until February 13, 2023, to regain compliance.
The Company's business operations are not affected by the Notification and the Company intends to either cure the deficiency or submit the plan as soon as practicable but no later than October 17, 2022. This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.
About Akso Health Group
Akso Health Group Inc. (NASDAQ: AHG), formerly known as Xiaobai Maimai Inc., operates a social e-commerce platform in China that collaborates with other domestic e-commerce platforms and offers users a wide selection of high-quality and affordable products. In addition, the Company plans to develop a new business as a cancer therapy and radiotherapy oncology service provider with operations in the U.S. The Company plans to open 2 vaccine research centers and 100 radiation oncology centers to be located on the east coast serving cancer patients in need of varying stages of treatment, including specialized radiation therapy centers for radiotherapy (RT), personalized consultation, conventional treatment planning, and other cancer related treatment services.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: risks related to our ability to obtain equipment, technology, license and talents at satisfactory terms to start the planned business, if at all; risks regarding the effect of the COVID-19 pandemic on the Company and the Company's position in a post-COVID-19 environment; risks related to the Company's ability to adapt and make the necessary adjustments to compete and operate effectively; risks related to decisions or changes in governmental or private insurers' reimbursement levels for our radiotherapy services or our ability to obtain reimbursement for our radiotherapy services; risks related to increased competition and the development of new competing services; the risk that we may be unable to develop or achieve commercial success for radiotherapy services in a timely manner, or at all; risks related to regulatory requirements or enforcement in the United States and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to successfully integrate and derive benefits from any technologies that we license or acquire; risks related to our projections about our business, results of operations and financial condition; and risks related to the potential market opportunity for our products and services. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.
For more information, please visit ir.xiaobaimaimai.com
For investor inquiries, please contact:
The Company
Investor Relations
Ms. Zenabo Ma
Email: ir@ahgtop.com
Christensen
In China
Mr. Eric Yuan
Phone: +86-10- 5900-1548
E-mail: Eyuan@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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SOURCE Akso Health Group
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