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
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SOURCE Global Cord Blood Corporation - in provisional liquidation
