GUANGZHOU, China, May 20, 2022
/PRNewswire/ -- Onion Global Limited ("Onion Global", the "Group"
or the "Company") (NYSE: OG), a next-generation lifestyle brand
platform that incubates, markets, and distributes the world's
fresh, fashionable, and future brands to young people in
China and across Asia, today announced that it received a
letter from the NYSE Regulation staff (the "NYSE"), dated
May 18, 2022 (the "Delinquency
Letter"), notifying the Company that the Company is not in
compliance with the NYSE's continued listing requirements under the
timely filing criteria pursuant to Section 802.01E of the NYSE
Listed Company Manual as a result of the Company's failure to
timely file the Form 20-F for the fiscal year ended December 31, 2021 (the "2021 Form 20-F") with the
U.S. Securities and Exchange Commission (the "SEC").
The Company previously filed a Form 12b-25 with
the SEC on April 29, 2022
for late filing of the 2021 Form 20-F, pursuant to which the 2021
Form 20-F was due to be filed by May 17, 2022. The Company
expects to file the 2021 Form 20-F once the partial lockdowns
across many cities in China are
lifted so that certain audit procedures could be completed. The
Company is currently unable to provide an anticipated filing date,
given it is unable to estimate when the partial lockdowns and other
COVID-related restrictions in mainland China will be lifted or eased.
As required by the Delinquency Letter, the Company will contact
the NYSE to discuss the status of its 2021 Form 20-F within five
business days of receipt of the Delinquency Letter.
The NYSE 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
2021 Form 20-F. If the Company fails to file its 2021 Form
20-F 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 the 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. If the NYSE
determines that an additional trading period of up to six months is
appropriate and the Company fails to file its 2021 Form 20-F and
any subsequent delayed filings by the end of that period,
suspension and delisting procedures will generally commence.
Regardless of the procedures described above, the NYSE may commence
delisting proceedings at any time during the period that is
available to the Company to file the 2021 Form 20-F, if
circumstances warrant.
To provide transparent information about an issuer's filing
status, the NYSE maintains a list of late filers
on www.nyse.com and identifies late filers with an "LF"
indicator. This indicator, or another indicator or letter, may be
appended to the Company's ticker symbol, "OG," signifying its
status as a late filer. The Company expects to be posted to the
late filers list on the Listing Standards Filing Status Page
on www.nyse.com on May 24, 2022 and that an
"LF" indicator will be appended to the Profile, Data and News pages
of the Company's American depositary shares listed on the NYSE.
The Deficiency Letter has no immediate impact on the listing of
the Company's ordinary shares represented by American depositary
shares on the NYSE.
About Onion Global
Onion Global Limited (NYSE: OG) is a next-generation lifestyle
brand platform that incubates, markets and distributes the world's
fresh, fashionable and future brands, which we refer to as "3F
brands," to young people in China
and across Asia. The Company's
mission is to be the dream factory of lifestyle brands for young
people. The Company's platform offers an integrated solution to
develop, market and distribute new and inspiring branded products,
thereby reshaping the lifestyle shopping and consumer culture in
China. Onion Global Limited has
been listed on New York Stock Exchange since May 2021.
Safe Harbor Statement
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. Statements that
are not historical facts, including statements about the completion
of the private placement, the satisfaction of customary closing
conditions related to the private placement, the intended use of
net proceeds from the private placement, as well as the Company's
beliefs and expectations, the Company's forecasts, general
observation of the industry and business outlook, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties and a number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement, including market and other
conditions. In some cases, forward-looking statements can be
identified by terminology such as "may," "will," "expects,"
"anticipates," "target," "aim," "future," "intends," "plans,"
"believes," "potential," "estimates" "continue," "is/are likely
to," or other similar statements. Further information regarding
these and other risks is included in Onion Global's filings with
the SEC. All information provided in this press release and in the
attachments is as of the date of this press release, and Onion
Global does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Investor Relations Contact
In China:
Onion Global Ltd.
Investor Relations
E-mail: ir@msyc.cc
Christensen
Mr. Eric Yuan
E-mail: eyuan@christensenir.com
Tel: +86-10-5900-1548
In United States:
Christensen
Ms. Linda Bergkamp
E-mail: lbergkamp@christensenir.com
Tel: +1-480-614-3004
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SOURCE Onion Global Limited