GLOBAL CORD BLOOD CORPORATION ANNOUNCES FAILURE TO FILE INTERIM FINANCIALS

Rhea-AI Summary

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.

Positive

• The NYSE may extend the compliance deadline for filing financials up to March 31, 2024.

Negative

• Failure to file interim financials raises concerns about the company’s compliance with NYSE listing standards.
• The ongoing provisional liquidation and investigations may adversely affect the company's financial stability.
• Trading of the company's ordinary shares remains halted since September 23, 2022.

GEORGE TOWN, Cayman Islands and HONG KONG, April 13, 2023 /PRNewswire/ -- Global Cord Blood Corporation (NYSE: CO) (the "Company"), a provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services in China, announced that it received a notice (the "Notice") on April 3, 2023 from the New York Stock Exchange ("NYSE") with respect to its failure to timely file on Form 6-K its semi-annual financials for the six-month period ended September 30, 2022 (the "Interim Financials") as required by NYSE Listing Standard 203.03.

As previously announced, on September 22, 2022, the Grand Court of the Cayman Islands issued an order (the "Order") appointing Margot MacInnis and John Royle of Grant Thornton Specialist Services (Cayman) Limited, and Chow Tsz Nga Georgia of Grant Thornton Recovery & Reorganisation Limited, as joint provisional liquidators of the Company pursuant to Section 104(2) of the Companies Act (2022 Revision) (the "JPLs").  Following the issuance of the Order, the NYSE halted trading in the Company's Ordinary Shares effective September 23, 2022, and such trading halt remains in effect as of the date hereof.

Since their appointment, the JPLs have furnished three reports on their work to the Court (on October 21, 2022, December 1, 2022 and March 1, 2023), copies of which are available on the Company's website https://ir.globalcordbloodcorporation.com, as well as on the JPLs' estate portal:  https://www.grantthornton.ca/en/service/advisory/creditor-updates/#Global-Cord-Blood-Corporation.

As the JPLs' investigations into the Company's financial position is ongoing,  the Company was unable to complete and file the Interim Financials in a timely manner. The Company cannot at this time estimate the anticipated filing date of the Interim Financials.

In accordance with applicable NYSE rules, the Company has until September 30, 2023, to regain compliance with the NYSE listing standards by filing the Interim Financials on Form 6-K (and any subsequent delayed filings). In addition, upon the Company's request, the NYSE may in its sole discretion extend that period for up to an additional six months until March 31, 2024, without commencing delisting procedures.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, performance and results of operations, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, the impact of the Order and steps taken by the JPLs pursuant thereto on the Company's business, operations and reputation, the NYSE's trading halt, the possible delisting from the NYSE, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in statements filed from time to time with the U.S. Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

For more information, please contact:

GCBCJPLs@uk.gt.com, +1 345 949 7100 

View original content:https://www.prnewswire.com/news-releases/global-cord-blood-corporation-announces-failure-to-file-interim-financials-301797166.html

SOURCE Global Cord Blood Corporation - in provisional liquidation

FAQ

What did Global Cord Blood Corporation announce on April 13, 2023?

The company announced it received a notice from the NYSE for failing to file interim financials.

What is the deadline for Global Cord Blood Corporation to regain NYSE compliance?

The company has until September 30, 2023, to regain compliance with NYSE listing standards.

What consequences does the failure to file interim financials have for Global Cord Blood Corporation?

It raises concerns about the company's compliance with NYSE standards and could lead to potential delisting.

Who is overseeing Global Cord Blood Corporation during the provisional liquidation?

Joint provisional liquidators appointed by the Grand Court of the Cayman Islands are overseeing the company.

What financial period's report is Global Cord Blood Corporation unable to file?

The company is unable to file its semi-annual financials for the period ended September 30, 2022.