NEW YORK, March 22, 2013 – The New York Stock Exchange LLC (“NYSE”) announced today that it is continuing its ongoing review of the listing status of the American Depositary Shares of Ambow Education Holding Ltd. – ticker symbol AMBO (the “Company”). Trading was halted in the American Depositary Shares intra-day today so that NYSE Regulation, Inc. (“NYSE Regulation”), on behalf of NYSE, can complete its current assessment of the adequacy of certain recent disclosures by the Company and its suitability for continued listing based upon such disclosures and other pertinent information and developments. These include, but are not limited to:
NYSE Reviewing Listing Status of Ambow Education Holding Ltd.
- Today’s announcement that the Company’s registered independent accounting firm, PricewaterhouseCoopers Zhong Tian CPAs Limited Company (“PWC”), has resigned.
- Today’s announcement that Fenwick & West LLP resigned as counsel to the audit committee.
- Other recent disclosures regarding changes to the Company’s board and audit committee, as well as the Company’s receipt of a non-binding “going private” proposal.
NYSE Regulation is monitoring and assessing, on an ongoing basis, the Company’s compliance with the quantitative and qualitative continued listing standards discussed in NYSE Listed Company Manual Sections 802.01 B, C, and D and the corporate governance standards contained in Section 303A of the NYSE Listed Company Manual.
The NYSE expects to continue the trading halt of the Company’s securities until NYSE Regulation has completed its current evaluation, following which the NYSE will either initiate delisting procedures or begin the process of resuming trading with continued monitoring of the Company.
NYSE Regulation notes that it may make an appraisal of, and determine on an individual basis the suitability for, continued listing of any listed security in light of all pertinent facts whenever it deems such action appropriate, and that the NYSE may, at any time, suspend trading in a security if it believes that continued dealings in the security on the NYSE are not advisable.
Ambow Education Holding Ltd.
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting