Zhitong Finance App News, New Era (08519) issued an announcement. Since the end of the ban period, the offeror has been seeking to sell its shares directly on the market or through an placement agent appointed by the offeror to ensure that the company can meet the minimum public shareholding requirements under section 11.23 (7) of the GEM listing rules.
According to the directors' knowledge, knowledge and belief after making all reasonable inquiries, since the end of the ban period, the offender has been considering implementing potential holdings reduction in the market in due course to ensure that, taking into account current stock prices, potential holdings reduction will not lead to a significant increase in share transaction price volatility. On the other hand, the offeror has also negotiated with the potential placement agent and investors on the main terms of the offeror's potential OTC sale of shares; however, as of the date of this announcement, the offeror has not entered into a formal agreement or terms with any placement agent or potential investor at this stage. For the above reasons, potential holdings reduction may not be carried out during the exemption period, and the company may not be able to meet the minimum public shareholding requirement immediately after the expiration of the GEM exemption period in accordance with GEM Listing Rule 11.23 (11). The offeror needs more time to take appropriate measures to potentially reduce holdings to restore the company's minimum public shareholding.
Due to additional time required to restore the company's minimum public shareholding, the company has applied to the Stock Exchange to extend the exemption period from April 12, 2024 to June 11, 2024.