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Global Cord Blood Corporation (NYSE: CO) announced it received a notice from the NYSE regarding its failure to file interim financials for the period ended September 30, 2022, as mandated by listing standards. The company has been under provisional liquidation since a Cayman Islands court order on September 22, 2022, leading to a trading halt that remains effective. The appointed joint provisional liquidators have produced three reports, detailing their investigations into the company’s finances. The company has until September 30, 2023, to comply with NYSE standards by filing the necessary financial documents, with a potential extension until March 31, 2024. The ongoing investigation and current financial condition have made it impossible for the company to provide a timeline for future filings.
Global Cord Blood Corporation (CO) faced a significant setback as the Grand Court of the Cayman Islands appointed joint provisional liquidators on September 22, 2022, following a petition by Blue Ocean Structure Investment Company Limited. The directors' powers were suspended, and trading of CO's shares on the NYSE was halted on September 23, 2022. The liquidators are tasked with protecting the company’s assets and must file progress reports within specified timeframes. Future hearings may lead to a return of control to directors or further liquidation proceedings.
Blue Ocean Structure Investment Company Ltd., a major shareholder of Global Cord Blood Corporation (NYSE: CO), announced the Grand Court of the Cayman Islands has appointed joint provisional liquidators (JPLs) for Global Cord. This decision, made on the application of Blue Ocean, aims to protect the Company's assets and manage its operations. The powers of the Board of Directors have been suspended, transferring operational authority to the JPLs. Blue Ocean emphasizes its commitment to safeguarding shareholder interests during this process.
On August 16, 2022, Global Cord Blood Corporation (NYSE: CO) announced the filing of its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission. This report includes audited financial statements for the fiscal year ending March 31, 2022. Investors can access the Form 20-F via the SEC's website or through the Investor Relations section of GCBC's website. The company specializes in umbilical cord blood banking and related services in China.
Global Cord Blood Corporation (NYSE: CO) announced that the Grand Court of the Cayman Islands issued an injunction order against Blue Ocean Structure Investment Company Limited. The order, effective from July 6, 2022, prohibits Blue Ocean from relying on resolutions passed at a purported extraordinary general meeting held on June 16, 2022. The injunction underlines the ongoing legal proceedings, with a further hearing scheduled for July 13-15, 2022. The company urges shareholders to stay vigilant regarding the risks associated with these proceedings.
Global Cord Blood Corporation (NYSE: CO) reported its financial results for the fourth quarter and full year of fiscal 2022. 4QFY22 revenues decreased by 1.7% YoY to RMB297.2 million ($46.9 million), while gross profit dipped by 0.5% YoY to RMB255.2 million ($40.3 million). Operating income fell 4.1% YoY to RMB142.1 million ($22.4 million). Despite the decline in new subscribers by 15.2% YoY to 16,423, the accumulated subscriber base reached 970,375. The company anticipates a challenging fiscal 2023 with expected new subscribers projected between 62,000 to 66,000.
Global Cord Blood Corporation (NYSE: CO) has expressed optimism following Cellenkos, Inc.'s announcement that the FDA has cleared its Investigational New Drug (IND) application for CK0804. This therapy is intended for patients with myelofibrosis who have not responded adequately to ruxolitinib. CEO Ting Zheng praised this development as potentially transformative for myelofibrosis treatments. GCBC, based in China, specializes in cord blood collection and stem cell services.
Blue Ocean Structure Investment Company Ltd. and shareholders owning over 75% of Global Cord Blood Corporation announced the successful approval of all resolutions at the Extraordinary General Meeting. A total of 104,369,577 shares voted, representing 85.86% of outstanding shares. Key resolutions included the removal of seven directors and the election of five new directors. Shareholders also rejected the proposed acquisition of Cellenkos, Inc., and amended the Articles of Association to eliminate a staggered board. The outcome reflects a strong shareholder mandate for growth and value creation.
Global Cord Blood Corporation (NYSE: CO) announced that a purported extraordinary general meeting (EGM) convened by Blue Ocean Structure Investment Company Limited on June 16, 2022, is invalid due to not meeting the required 75% threshold. The company refrains from commenting on the issues raised during the EGM, as they are currently involved in legal proceedings in the Cayman Islands and British Virgin Islands. GCBC aims to update investors when appropriate. The company specializes in cord blood banking services in China.
Blue Ocean Structure Investment Company Ltd. and shareholders with over 75% of Global Cord Blood Corporation's outstanding shares have announced an Extraordinary General Meeting (EGM) scheduled for June 16, 2022, at 9:00 a.m. ET, in New York. The meeting will enforce strict Rules of Conduct to ensure orderliness, including registration requirements and limitations on questions. Only verified shareholders and proxy holders as of May 18, 2022, can participate. Blue Ocean encourages shareholders to vote FOR all resolutions during the meeting using the BLUE proxy card.
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