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Beijing, China, May 31, 2024 (GLOBE NEWSWIRE) -- 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.