SHENZHEN, China, June 06, 2022 (GLOBE NEWSWIRE) -- Aesthetic Medical International Holdings Group Limited (Nasdaq: AIH) (the "Company" or "AIH"), a leading provider of aesthetic medical services in China, today announced that on June 2, 2022 it received a notice from the Nasdaq Stock Market LLC ("Nasdaq") stating that as reported in the Company's annual report on Form 20-F for the year ending December 31, 2021, the Company is no longer in compliance with the $10 million minimum stockholders' equity requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(1)(A). This notification has no immediate effect on the Company's listing or on the trading of the Company's ADSs.
As provided in the Nasdaq Listing Rules, the Company has 45 calendar days to submit a plan to regain compliance with Nasdaq's continued listing requirements. If such plan is accepted, which there can be no assurance, Nasdaq may grant the Company up to 180 days from June 2, 2021 to evidence compliance. If Nasdaq determines that the Company's plan is not sufficient to achieve and sustain compliance, it will provide written notice to the Company that its securities will be subject to delisting. At that time, the Company may appeal the delisting determination to a Nasdaq Hearings Panel ("Panel"). The Company would remain listed pending the Panel's decision.
The Company intends to submit a plan to regain compliance to Nasdaq on or before July 15, 2022. This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a delisting notification.
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 through treatment centers that spread across major cities in mainland China, with major focus in the Guangdong-Hong Kong-Macau Greater Bay area and the Yangtze River Delta area. Leveraging over 20 years of clinical experience, AIH provides one-stop aesthetic service offerings, including surgical aesthetic treatments, non-surgical aesthetic treatments, and general medical services and other aesthetic services. For more information regarding the Company, please visit: https://ir.aihgroup.net/.
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 Contacts
For investor and media inquiries, please contact:
Aesthetic Medical international Holdings Group Limited
DLK Advisory Limited
Tel: +852 2857 7101
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