SHANGHAI, Jan. 10, 2022 /PRNewswire/ -- OneSmart
International Education Group Limited ("OneSmart" or the "Company")
(NYSE: ONE) today announced that it received a notice from NYSE
Regulation indicating that the Company is not in compliance with
Section 802.01E of the NYSE Listed Company Manual as a result of
its failure to timely file its Annual Report on Form 20-F for the
year ended August 31, 2021 (the "2021
Form 20-F") with the Securities and Exchange Commission (the
"SEC").
The Company was not able to file the 2021 Form 20-F by
December 30, 2021. The delay is
primarily due to the change in the Company's independent registered
public accounting firm for the fiscal year ended August 31, 2021, as previously announced on
January 5, 2022 in a 6-K report. The
Company is making all efforts to file the 2021 Form 20-F as soon as
possible.
NYSE Regulation notified the Company that the NYSE will closely
monitor the status of the Company's late filing and related public
disclosures for up to a six-month period from the due date of the
annual report. If the Company fails to file its annual report and
any subsequent delayed filings within six months from the filing
due date, the NYSE may, in its sole discretion, allow the Company's
securities to trade for up to an additional six months depending on
specific circumstances, as outlined in Section 802.01E of the NYSE
Listed Company Manual. It is expected by the NYSE that the Company
will submit an official request for NYSE's consideration at the
appropriate time. If the NYSE determines that an additional
six-month trading period is not appropriate, suspension and
delisting procedures will commence pursuant to Section 804.00 of
the NYSE Listed Company Manual.
The notice has no immediate impact on the listing of the
Company's ADSs, which will continue to be listed and traded on the
NYSE during the cure period subject to continued compliance with
the other listing requirements of the NYSE.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. OneSmart may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, 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
OneSmart'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. Further information regarding risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of the
press release, and OneSmart does not undertake any obligation to
update such information, except as required under applicable
law.
About OneSmart
Founded in 2008 and headquartered in Shanghai, OneSmart International Education
Group Limited currently provides non-subject based tutoring to
students in China. Given the "Policy to Further Reducing the
Burden of Homework and Off-campus Tutoring for Compulsory Education
Students," (the "Double Reduction Policy"), which basically
requires suspension of all subject-based off-campus tutoring
business targeting pre-school kids and K12 students, the Company
plans to provide online education and tutoring services exclusively
to students outside of China,
overseas education preparation and consulting services to students
residing within China, "Smart ID
Card" to campuses and develop and market smart training system
incorporating virtual reality, artificial intelligence, blockchain
and other technologies in order to facilitate the teaching and
training process.
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SOURCE OneSmart