BEIJING, Oct. 28,
2022 /PRNewswire/ -- Akso Health Group (NASDAQ:
AHG) ("Akso Health" the "Company" or "we"), today announced that
the Company has received a written notification (the "Notification
Letter") from the Nasdaq Stock Market LLC ("Nasdaq") on
October 26, 2022, notifying the
Company that it is not in compliance with the minimum bid price
requirement set forth in Nasdaq Rules for continued listing on the
Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A)
provides that a failure to meet the minimum bid price requirement
exists if the deficiency continues for a period of 30 consecutive
business days. Based on the closing bid price of the Company's ADSs
for the 30 consecutive business days from September 12, 2022 to October 25, 2022, the Company no longer meets the
minimum bid price requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been provided 180
calendar days, or until April 24, 2023, to regain compliance with
Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's
ADSs must have a closing bid price of at least US$1.00 for a
minimum of 10 consecutive business days. In the event the Company
does not regain compliance by April 24, 2023, the Company may be
eligible for additional time to regain compliance or may face
delisting.
The Company's business operations are not affected by the
receipt of the Notification Letter. The Company intends to monitor
the closing bid price of its ADSs and may, if appropriate, consider
implementing available options, including, but not limited to,
implementing a consolidation reverse share split of its outstanding
ADSs, to regain compliance with the minimum bid price requirement
under the Nasdaq Listing Rules.
As previously disclosed, Nasdaq had
notified the Company that it was delinquent in the filing of its
Annual Report on Form 20-F for the fiscal year ended March 31, 2022 (the "20-F"). On October 27, 2022, Nasdaq notified the Company
that it has accepted the Company's plan of compliance and granted
the Company an extension through January 3,
2023 to file the 20-F.
About Akso Health Group
Akso Health Group (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. Since the end of 2021, the
Company also started exploring the healthcare equipment and product
trading and related healthcare services business.
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
Mr. Simon He
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
