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.
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.