BEIJING, March 06, 2023 (GLOBE NEWSWIRE) -- Akso Health Group (NASDAQ: AHG) ("Akso Health" the "Company" or “we”), today announced that on February 28, 2023, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is no longer in compliance with the minimum stockholders' equity requirement for continued listing on the Nasdaq Global Market set forth in Nasdaq Listing Rule 5450(b)(1)(A) (the "Nasdaq Listing Rules"). The Nasdaq Listing Rules requires listed companies to maintain stockholders' equity of at least $10 million. The Company's Form 6-K filed with the Securities and Exchange Commission on February 16, 2023 reported stockholders’ equity of approximately $9.9 million as of September 30, 2022, which is below the minimum stockholders' equity required for continued listing pursuant to the Nasdaq Listing Rules.
The notification received has no immediate effect on the listing of the Company's ADSs on Nasdaq. Nasdaq has provided the Company with 45 calendar days, or until April 14, 2023, to submit a plan to regain compliance with the minimum stockholders' equity standard. The Company will be working with its advisors to submit a plan of compliance, that if accepted by Nasdaq, can grant an extension of up to 180 calendar days from the date of the notification letter, or until August 27, 2023.
The Company, by filing this press release, discloses its receipt of the notification from Nasdaq in accordance with Nasdaq Listing Rule 5810(b).
About Akso Health Group
Akso Health Group (NASDAQ: AHG), formerly known as Xiaobai Maimai Inc., operates a social e-commerce platform in China that collaborates with other domestic e-commerce platforms and offers users a wide selection of high-quality and affordable products. Since the end of 2021, the Company also started exploring the healthcare equipment and product trading and related healthcare services business.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), 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 the Company'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. Such factors and risks include, but not limited to the following: risks related to our ability to obtain equipment, technology, license and talents at satisfactory terms to start the planned business, if at all; risks regarding the effect of the COVID-19 pandemic on the Company and the Company's position in a post-COVID-19 environment; risks related to the Company's ability to adapt and make the necessary adjustments to compete and operate effectively; risks related to decisions or changes in governmental or private insurers' reimbursement levels for our radiotherapy services or our ability to obtain reimbursement for our radiotherapy services; risks related to increased competition and the development of new competing services; the risk that we may be unable to develop or achieve commercial success for radiotherapy services in a timely manner, or at all; risks related to regulatory requirements or enforcement in the United States and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to successfully integrate and derive benefits from any technologies that we license or acquire; risks related to our projections about our business, results of operations and financial condition; and risks related to the potential market opportunity for our products and services. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is current as of the date of this announcement, and the Company does not undertake any obligation to update such information, except as required under applicable law.
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Mr. Simon He