Aesthetic Medical International Holdings Group Ltd. Received a Letter of Expected Delisting Determination From Nasdaq Staff and Requested a Hearing before the Nasdaq Hearings Panel
Aesthetic Medical International Holdings Group Limited (AIH) has requested a hearing before the Nasdaq Hearings Panel to seek an extension for meeting the $10 million stockholders’ equity requirement for continued listing on Nasdaq. This request follows a notification from Nasdaq regarding potential delisting. AIH expects to regain compliance after securing an investment of RMB170 million from Hainan Oriental Jiechuang Partnership within two months, which is pending necessary government approvals. The company's efforts indicate a focus on improving its financial standing amidst challenges posed by COVID-related delays.
- AIH has requested a hearing to prevent delisting, indicating proactive measures to comply with Nasdaq requirements.
- An expected investment of RMB170 million could help AIH regain compliance with Nasdaq's equity requirement.
- The company has received a notice from Nasdaq indicating potential delisting due to equity non-compliance.
- Delays in receiving necessary government approvals for investment highlight ongoing regulatory challenges.
SHENZHEN, China, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Aesthetic Medical International Holdings Group Limited (Nasdaq: AIH) (the “Company” or “AIH”), a leading provider of aesthetic medical services in China, today announced that it has requested a hearing before the Nasdaq Hearings Panel as the next step in the process in seeking an extension to satisfy the minimum
The Company stated in its request that it believes it can regain compliance upon the closing of the subscription of ordinary share of the Company by Hainan Oriental Jiechuang Partnership (Limited Partnership) (the “Investor”) for an aggregate consideration of RMB170 million (the “Investment”), which the Company expects to take place in the next two months. The execution of the definitive agreement of the Investment was disclosed on Form 6-K on July 20, 2022 and the Investment was approved by the shareholders at the Company’s annual general meeting on September 9, 2022. One of the closing conditions is that the Investor should have obtained the requisite approval of outward foreign direct investment (“ODI”) by the relevant PRC government authorities. The Company was informed by the Investor that it expects to receive the approval in the next two months.
Dr. Zhou Pengwu, the founder of the Company, commented, “With a view toward increasing the Company’s value and long-term prospects, we have been actively seeking out strategic investors who are optimistic of the Company’s business and growth potential. The investment by the consortium of investors in July was a vote of confidence in our Group. The ODI process was delayed due to the prolonged COVID impact in recent months but we are confident that we can consummate the investment in the near future and regain compliance in the process.”
About Aesthetic Medical International Holdings Group Limited
AIH, known as “Peng’ai” in China, is a leading provider of aesthetic medical services in China. AIH operates treatment centers that spread across major cities in mainland China, with a major focus in the Guangdong-Hong Kong-Macau Greater Bay area and the Yangtze River Delta area in China. Leveraging over 20 years of clinical experience, AIH provides one-stop aesthetic service offerings, including surgical aesthetic treatments, non-surgical aesthetic treatments, general medical services, and other aesthetic services. For more information regarding the Company, please visit: https://ir.aihgroup.net/.
Cautionary Statements
This press release contains “forward-looking statements.” These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “aims”, “future”, “intends”, “plans”, “believes”, “estimates”, “likely to” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These risks and uncertainties and others that relate to the Company’s business and financial condition are detailed from time to time in the Company’s SEC filings, and could cause the actual results to differ materially from those contained in any forward-looking statement. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements, except as required under applicable law.
Investor Relations Contacts
For investor and media inquiries, please contact:
Aesthetic Medical International Holdings Group Limited
Email: ir@pengai.com.cn
Website: https://ir.aihgroup.net
DLK Advisory Limited
Tel: +852 2857 7101
Email: ir@dlkadvisory.com
FAQ
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