BEIJING, China, May 31, 2024 (GLOBE NEWSWIRE) — Baosheng Media Group Holdings Limited (NASDAQ: BAOS) (Baosheng or the Company), a China-based online marketing solutions provider, today announced that on May 9, 2024, the company filed a current report on Form 6-K to the U.S. Securities and Exchange Commission (“SEC”) in connection with certain pending legal proceedings.
As previously disclosed in the Form 6-K that the Company filed with the Securities and Exchange Commission on April 22, 2024, the Company was provided with a copy of a petition for an order (the Petition) on April 10, 2024, placing the Company on liquidation and winding up on a just and equitable basis pursuant to Rule 92. (e) of the Cayman Islands Companies Act (Revision 2023), which was filed in the Grand Court of the Cayman Islands.
The petition was filed by Orient Plus International Limited, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. Copies of the petition and supporting affidavits may be obtained free of charge from petitioner's counsel: Ogier (Cayman) LLP, 89 Nexus Way, Camana Bay, Grand Cayman KY1-9009, Cayman Islands (contact Christopher Leaver; Tel: +1 345 815 1842, Email : christopher.levers@ogier.com).
The petition seeks an injunction that Michael Green of Deloitte & Touche, PO Box 1787, 8th Floor, 60 Nexus Way, Camana Bay, Grand Cayman, Cayman Islands KY1-1109, along with Ho Kwok Leung Glen and Kam Chun Hang ( Forrest) of Deloitte Touch Tohmatsu of 35/F, One Pacific Place, 88 Queensway, Hong Kong SAR will be appointed as joint official liquidators of the company.
The hearing of the petition will be held on a date to be determined in the courts of law in Georgetown, Grand Cayman, Cayman Islands. Any creditor or shareholder of the company can be heard on questions as to whether or not a winding up order should be made and, if a winding up order is made, who should be appointed as official liquidator(s) of the company. Any creditor or shareholder who opposes the appointment of Michael Green, Ho Kwok Leong Glen and Kam Chung Hang (Forrest) must nominate an alternative qualified insolvency practitioner(s) who agrees to act and swear an affidavit that complies with the requirements of the Corporate Winding Up Rules, Order 3, Rule 4.
Form 6-K can be accessed on the SEC's website at http://www.sec.gov and the Company's Investor Relations website at http://ir.bsacme.com/index.html under the Finance and Filings section.
The Company instructed Carrie Olsen to act in these proceedings and filed its defense to the petition on May 24, 2024.
on Baosheng Media Group Holdings Limited
Baosheng Media Group Holdings Limited, headquartered in Beijing, China, is an online marketing solutions provider in China. The company advises advertisers on online marketing strategies, provides value-added ad optimization services and facilitates the dissemination of online ads in various formats, such as search ads, in-feed ads, mobile app ads, and social media marketing ads. The company is committed to helping its advertising clients manage their online marketing activities with the aim of achieving their business goals. For more information, please visit the company's website at http://ir.bsacme.com/.
Forward-looking statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as may, will, anticipate, expect, aim, estimate, intend, plan, believe, likely, continue, likely to happen or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, except as required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will prove to be correct. The Company cautions investors that actual results may differ materially from anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the U.S. Securities and Exchange Commission.
to more informationPlease contact:
Investor Relations Contact:
Tina Xiao
Rise Investor Relations LLC
Tel: +1 646-932-7242
Email: investors@ascent-ir.com