ChinaNet Online Holdings Announces Filing Extension for Form 10-K Due to COVID-19 Impacts
March 23 2020 - 4:30PM
ChinaNet Online Holdings, Inc. (Nasdaq: CNET) ("ChinaNet" or the
"Company"), an integrated online advertising, precision marketing,
and data analysis and management platform company, today announced
that it has filed with the Securities and Exchange Commission (the
“SEC”) on March 20, 2020, to extend its 2019 Form 10-K filing
deadline by 45 days to May 14, 2020.
The Company applied for the extension due to the
outbreak of the COVID-19 novel coronavirus, which has caused a
delay in its auditor’s ability to perform the required audit work
as well as a delay in the Company’s ability to consolidate and
analyze its financial statements for the preparation of its annual
report on Form 10-K.
Importantly, the Company conducts its business
operations in China, primarily in two cities, Beijing and Xiaogan,
Hubei Province. Xiaogan is located close to Wuhan in Hubei
Province, which was the epicenter of the COVID-19 outbreak. In
accordance with the epidemic control measures imposed by the local
governments, the Company’s business entities in Xiaogan and Beijing
have been closed since the Chinese New Year holiday. As a result,
the Company’s accounting and other staffs have not been able to
complete the annual closing and audit process in accordance with
the original schedule. While the Company has partially re-opened
its office in Beijing on March 10, 2020, its office in Xiaogan is
not expected to be re-opened until April 1, 2020.
The Company has taken all possible measures to
overcome the adverse impacts derived from the COVID-19 outbreak
related to the annual audit and filing of the Form 10-K. Based upon
the currently available information, the Company expects to be able
to complete the annual audit and file the Form 10-K within the
extension period granted by the SEC.
About ChinaNet Online Holdings,
Inc.
ChinaNet Online Holdings, Inc., a parent company
of ChinaNet Online Media Group Ltd., incorporated in the BVI
(ChinaNet), is an integrated online advertising, precision
marketing and data-analysis and management services platform.
ChinaNet provides prescriptive analysis for its clients to improve
business outcomes and to create more efficient enterprises. The
Company leverages an optimization framework, provided by its
comprehensive data-analysis infrastructure, to blend data,
mathematical, and computational sciences into an outcome management
platform for which it monetizes on a per client basis. ChinaNet
uniquely optimizes and prescribes its clients decision making
processes based on its proprietary ecosystem. For more information,
visit www.chinanet-online.com.
Safe Harbor Statement
This release contains certain "forward-looking
statements" relating to the business of ChinaNet Online Holdings,
Inc., which can be identified by the use of forward-looking
terminology such as "believes," "expects," "anticipates,"
"estimates" or similar expressions. Such forward-looking statements
involve known and unknown risks and uncertainties, including
business uncertainties relating to government regulation of our
industry, market demand, reliance on key personnel, future capital
requirements, competition in general and other factors that may
cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
Certain of these risks and uncertainties are or will be described
in greater detail in our filings with the Securities and Exchange
Commission. These forward-looking statements are based on
ChinaNet's current expectations and beliefs concerning future
developments and their potential effects on the Company. There can
be no assurance that future developments affecting ChinaNet will be
those anticipated by ChinaNet. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond
the control of the Company) or other assumptions that may cause
actual results or performance to be materially different from those
expressed or implied by such forward-looking statements. ChinaNet
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
Investor Relations Contact
ICR, Inc.Xinran RaoTel: +1-646-308-1635Email:
CNET@icrinc.com
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