Baosheng Media Group Holdings Limited Announces Filing of Current Report on Form 6-K with the SEC regarding Pending Legal Proceeding
May 31 2024 - 1:30AM
Baosheng Media Group Holdings Limited (NASDAQ: BAOS) (“Baosheng” or
the “Company”), a China-based online marketing solution provider,
today announced that on May 9, 2024, the Company filed a current
report on Form 6-K with the U.S. Securities and Exchange Commission
(the "SEC") regarding certain pending legal proceeding.
As previously disclosed on the Form 6-K filed by
the Company with the SEC on April 22, 2024, the Company was served
with a copy of a petition for an order (the “Petition”) on April
10, 2024, that the Company be put into liquidation and wound up on
the just and equitable ground in accordance with Section 92(e) of
the Cayman Islands Companies Act (2023 Revision), which has been
presented to the Grand Court of the Cayman Islands.
The Petition was presented by Orient Plus
International Limited of Wickhams Cay II, Road Town, Tortola,
VG1110, British Virgin Islands. Copies of the Petition and
supporting affidavits may be obtained free of charge from the
petitioner’s attorneys: Ogier (Cayman) LLP, 89 Nexus Way, Camana
Bay, Grand Cayman KY1-9009, Cayman Islands (contact Christopher
Levers; telephone: +1 345 815 1842, email:
christopher.levers@ogier.com).
The Petition seeks an order that Michael Green
of Deloitte & Touche, PO Box 1787, 8th Floor, 60 Nexus Way,
Camana Bay, Grand Cayman, Cayman Islands KY1-1109, together 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 be
appointed as joint official liquidators of the Company.
The hearing of the Petition will take place on a
date to be listed at the Law Courts, George Town, Grand Cayman,
Cayman Islands. Any creditor or shareholder of the Company may be
heard on the questions 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 Leung Glen
and Kam Chung Hang (Forrest) must nominate an alternative qualified
insolvency practitioner(s) who consents to act and has sworn an
affidavit complying with the requirements of the Companies Winding
Up Rules, Order 3, rule 4.
The 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 Financials
& Filings section.
The Company has instructed Carey Olsen to act in
these proceedings and has served its Defence to the Petition on May
24, 2024.
About
Baosheng Media Group Holdings Limited
Baosheng Media Group Holdings Limited,
headquartered in Beijing, China, is an online marketing solution
provider in China. The Company advises advertisers on online
marketing strategies, offers value-added advertising optimization
services and facilitates the deployment of online ads in various
forms, such as search ads, in-feed ads, mobile app ads and social
media marketing ads. The Company is dedicated to helping its
advertiser clients manage their online marketing activities with a
view to 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,” “expect,” “anticipate,”
“aim,” “estimate,” “intend,” “plan,” “believe,” “potential,”
“continue,” “is/are likely to” or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be 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 turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the 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.
For more
information, please contact:
Investor Relations Contact:Tina XiaoAscent
Investor Relations LLCTel: +1 646-932-7242Email:
investors@ascent-ir.com
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