Hailiang Education Announces Receipt of Nasdaq Notice of Deficiency for Delayed Filing of Semi-Annual Financial Information for the Half Year Ended December 31, 2021 and Failure to Hold an Annual Meeting of Shareholders
HANGZHOU, China, July 13, 2022 /PRNewswire/ — Hailiang Instruction Group Inc. (Nasdaq: HLG), (“Hailiang Schooling”, the “Company” or “We”), an education and management services provider in China, today announced that on July 11, 2022, the Business acquired two notices of deficiency (just about every, a “See”, and collectively, the “Notices”) from the Listing Skills Division of The Nasdaq Stock Market place (the “Nasdaq”), stating that the Corporation was not in compliance with Nasdaq Listing Rule 5250(c)(2) and Nasdaq Listing Regulations 5620(a) and 5810(c)(2)(G) for ongoing listing, since the Organization unsuccessful to timely file its semi-annual financial information for the 50 percent year finished December 31, 2021 on Variety 6-K (the “1H 2022 6-K”) with the U.S. Securities and Trade Fee (the “SEC”), and failed to hold an once-a-year assembly of stockholders (the “2022 AGM”) inside 12 months of the stop of the Firm’s fiscal calendar year close. The Notices have no rapid result on the listing or buying and selling of the Firm’s securities.
Below Nasdaq procedures, for the 1H 2022 6-K, the Enterprise has 60 calendar days from the day of the Recognize to post a prepare to get back compliance, and if Nasdaq accepts the Firm’s approach, Nasdaq could grant an exception of up to 180 calendar days from the because of day of the 1H 2022 6-K, or until finally December 27, 2022, to get back compliance. On the other hand, there is no assurance that Nasdaq will take the Firm’s plan for the 1H 2022 6-K to regain compliance, or that the Organization will be equipped to regain compliance inside of any extension period granted by Nasdaq. The See more states that in identifying irrespective of whether to settle for the Firm’s approach for the 1H 2022 6-K, Nasdaq will think about this kind of factors as the probability that the 1H 2022 6-K, alongside with any subsequent periodic submitting that will be thanks, can be produced in just the 180 day period of time, the Company’s previous compliance heritage, the motives for the late submitting, other corporate gatherings that may perhaps come about within just Nasdaq’s critique time period, the Firm’s general fiscal condition and its community disclosures. If Nasdaq does not take the Firm’s plan for the 1H 2022 6-K, then the Company will have the opportunity to charm that conclusion to a Nasdaq hearings panel.
For the 2022 AGM, the Organization has 45 calendar days to submit a plan to regain compliance with the Guidelines. If Nasdaq accepts the Firm’s plan for the 2022 AGM, Nasdaq may possibly grant the Enterprise an extension of up to 180 calendar times from the Company’s fiscal calendar year conclusion, or until eventually December 27, 2022, to get back compliance. The Discover even more states that in determining whether or not to settle for the Firm’s strategy for the 2022 AGM, Nasdaq will take into consideration these types of issues as the chance that the annual assembly can be held in the 180-working day period, the Company’s earlier compliance record, the causes for the delayed meeting, other company occasions that may possibly come about all through the evaluation period, the Company’s all round fiscal condition and its public disclosures. If Nasdaq does not acknowledge the Firm’s approach for the 2022 AGM, the Corporation will have the option to charm the conclusion in entrance of a Nasdaq Hearings Panel.
The Enterprise unsuccessful to file the 1H 2022 6-K with the SEC and failed to hold the 2022 AGM on a timely basis mainly because it has been focusing its means on its formerly introduced going non-public transaction (the “Privatization”), which is predicted to close in the course of the 3rd quarter of 2022. If consummated, the Privatization would final result in the Enterprise getting a privately held company and its American Depositary Shares would no lengthier be stated on the Nasdaq.
The Organization is functioning diligently to file its 1H 2022 6-K and maintain its 2022 AGM as quickly as practicable and inside of the timeline approved by Nasdaq.
About Hailiang Instruction Group Inc.
Hailiang Education and learning Group Inc. (Nasdaq: HLG) is an instruction and administration services service provider in China. The Firm mostly focuses on furnishing distinguished, specialised, and internationalized education and learning. Hailiang Education is focused to supplying pupils with large-excellent high faculty curriculum education, college student management products and services, ancillary educational expert services, and training and administration companies, and it strives to manage the high quality of its students’ existence, analyze, and improvement. Hailiang Schooling adapts its educational solutions centered upon its students’ particular person aptitudes. Hailiang Training is devoted to bettering its students’ educational capabilities, cultural achievements, and international perspectives. For extra data, be sure to visit http://ir.hailiangedu.com.
This press launch consists of data about Hailiang Education’s look at of its long run anticipations, plans, and prospects that represent ahead-hunting statements. These ahead-wanting statements are designed under the safe and sound harbor provisions of the U.S. Personal Securities Litigation Reform Act of 1995. All statements other than statements of historic points in this announcement are ahead-wanting statements, like, but not confined to the next: the Company’s enterprise plans, the Firm’s potential company development, results of functions, and monetary problem, anticipated adjustments in the Firm’s earnings and specific price or cost merchandise, its potential to increase further funding, its means to preserve and expand its business enterprise, the Company’s potential to file the 1H 2022 6-K and maintain the 2022 AGM in just the respective compliance period of time and regain compliance for ongoing listing underneath the Nasdaq Listing Regulations, the Company’s capacity to consummate the Privatization as prepared, and other hazards thorough in the Firm’s filings with the U.S. Securities and Trade Commission (the “SEC”), as very well as the Agenda 13E-3 transaction statement and the proxy statement to be filed by the Firm. Hailiang Schooling could also make written or oral ahead-wanting statements in its periodic reviews to the SEC, in its yearly report to shareholders, in press releases and other composed products, and in oral statements created by its officers, administrators, or staff to 3rd get-togethers. Statements that are not historic details, which includes statements about Hailiang Education’s beliefs and anticipations, are forward-hunting statements. Ahead-wanting statements include inherent risks and uncertainties, no matter whether acknowledged or mysterious, and are centered on recent anticipations and projections about potential situations and economic tendencies that the Enterprise thinks may possibly impact its money situation, success of operations, small business system, and economic requires. Investors can recognize these forward-looking statements by phrases or phrases this kind of as “may possibly,” “will,” “will make,” “will be,” “assume,” “foresee,” “purpose,” “estimate,” “intend,” “prepare,” “believe,” “likely,” “continue,” “endeavor to,” “is/are very likely to,” or other equivalent expressions. Further more facts pertaining to these and other risks is included in our once-a-year report on Sort 20-F and other filings with the SEC. All data offered in this press release is as of the day of this push launch, and Hailiang Education undertakes no obligation to update any forward-on the lookout statements, besides as may be needed underneath relevant law.
For additional details, make sure you speak to:
Mr. Litao Qiu
Hailiang Instruction Group Inc.
Email: [email protected]
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