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
07 December 2022 - 8:30AM
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 $10 Million
stockholders’ equity requirement set forth in Listing Rule
5450(b)(1)(A) for continued listing on The Nasdaq Capital Market.
On December 1, 2022, the Company received the expected notice from
the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock
Market LLC (“Nasdaq”) indicating that the Staff had determined to
delist the Company’s common shares from Nasdaq unless the Company
requests a hearing no later than 4:00 p.m. Eastern Time on December
8, 2022. The Company submitted the request for a hearing on
December 4, 2022 Eastern Time. This request will ordinarily stay
any further action by the Staff and the Company’s securities are
expected to continue to be eligible to trade on Nasdaq at least
pending the ultimate conclusion of the hearing process.
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 ContactsFor investor and
media inquiries, please contact:
Aesthetic Medical International Holdings Group
LimitedEmail: ir@pengai.com.cn Website:
https://ir.aihgroup.net
DLK Advisory LimitedTel: +852 2857 7101Email:
ir@dlkadvisory.com
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