ATA Creativity Global Provides Updates on Status Under Holding Foreign Companies Accountable Act
May 06 2022 - 7:30AM
ATA Creativity Global ("ACG" or the "Company", Nasdaq:
AACG), an international educational services company
focused on providing quality learning experiences that cultivate
and enhance students’ creativity, today provided an update on its
status under the Holding Foreign Companies Accountable Act (the
“HFCAA”).
The Company was provisionally identified as a
Commission-Identified Issuer by the United States Securities and
Exchange Commission (the “SEC”) on May 4, 2022 under the HFCAA and
its implementation rules issued thereunder, following the Company’s
filing of its annual report on Form 20-F for the year ended
December 31, 2021 with the SEC on April 26, 2022. The Company
understands that such identification indicates that the SEC
determined that the Company engaged a registered public accounting
firm whose working paper cannot be inspected or investigated
completely by the Public Company Accounting Oversight Board of the
United States (the “PCAOB”) to issue the audit opinion for its
financial statements for the year ended December 31, 2021.
In accordance with the HFCAA, the SEC shall
prohibit a company’s securities from being traded on a national
stock exchange or in the over-the-counter trading market in the
United States if the company has been identified by the SEC for
three consecutive years due to PCAOB’s inability to inspect its
auditor’s working paper. In addition, the U.S. Senate passed the
Accelerating Holding Foreign Companies Accountable Act on June 22,
2021, which, if passed by the U.S. House of Representatives and
signed into law, would reduce such three consecutive non-inspection
years to two.
The Company has been actively exploring possible
solutions to protect the interest of its stakeholders. The Company
will continue to comply with applicable laws and regulations in
both China and the U.S and intends to maintain its listing status
on Nasdaq.
About ATA Creativity Global
ATA Creativity Global is an international
educational services company focused on providing quality learning
experiences that cultivate and enhance students’ creativity. ATA
Creativity Global offers a wide range of education services
consisting primarily of portfolio training, research-based
learning, overseas study counselling and other educational services
through its training center network. For more information, please
visit ACG’s website at www.atai.net.cn.
Cautionary Note Regarding
Forward-looking StatementsThis press release contains
statements that may constitute forward-looking statements made
under the “safe harbor” provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as “will,” “expects,”
“anticipates,” “aims,” “future,” “intends,” “plans,” “believes,”
“estimates,” “likely to” and similar statements. ACG may also make
written or oral forward-looking statements in its periodic reports
to 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. Statements that
are not historical facts, including statements about ACG's beliefs,
plans and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, further information regarding which is included in
the Company's filings with the SEC. All information provided in
this press release is as of the date of this press release, and ACG
undertakes no duty to update such information, except as required
under applicable law.
For more information on our company,
please contact the following individuals:
At the Company |
|
Investor Relations |
ATA Creativity Global |
|
The Equity Group Inc. |
Amy Tung, Chief Financial Officer |
|
Carolyne Y. Sohn, Vice President |
+86 10 6518 1133 x 5518 |
|
415-568-2255 |
amytung@acgedu.cn |
|
csohn@equityny.com |
|
|
|
|
|
Alice Zhang, Investor Relations Analyst |
|
|
212-836-9610 |
|
|
azhang@equityny.com |
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