TORONTO, Dec. 13,
2023 /PRNewswire/ -- Visionary Education Technology
Holdings Group Inc. (the "Company") (NASDAQ: GV), a private
education provider located in Canada, with subsidiaries in Canada and market partners in China, today announced the results of its 2023
Annual General Meeting, which was held on December 11, 2023, in Toronto, Ontario, Canada. At the Annual
General Meeting, the Company's shareholders:
(1) Fixed the number of directors at 5 (five) and duly elected
each of the nominees to the board of directors, except Mr.
Peter Milliken, who did not stand
for re-election at the 2023 Annual Shareholders Meeting due to his
resignation. As a result, the Board of the Company is now comprised
of four (4) directors, including three (3) independent
directors;
(2) Approved the share consolidation proposal of combining every
fifteen (15) pre-consolidation Common Shares into one (1)
post-consolidation Common Share, which aims to increase the market
price of individual shares and reduce the total number of
outstanding shares;
(3) Approved the name change of the Company from "Visionary
Education Technology Holdings Group Inc. " to "Visionary Holdings
Inc."; and
(4) Approved and ratified the appointment of MNP LLP as the
Company's independent registered public accounting firm for the
fiscal year ending March 31,
2024.
On December 12, 2023, the Company
received notice from NASDAQ granting the Company an additional 180
calendar days, or until June 10,
2024, to regain compliance with the $1.00 per share minimum requirement for continued
listing on The NASDAQ Capital Market pursuant to NASDAQ Marketplace
Rule 5550(a)(2) (the "Minimum Bid Price Rule"). To regain
compliance, the bid price of the Company's common shares must close
at or above $1.00 per share for a
minimum of ten consecutive business days at any time during the
second 180-day compliance period. The Company intends to monitor
the closing bid price of its common shares and may, if appropriate,
consider implementing available options, including effecting a
reverse share split. There can be no assurance that the Company
will be able to regain compliance with the Minimum Bid Price Rule
or maintain compliance with the other listing requirements
necessary for the Company to maintain the listing of its common
shares on The NASDAQ Capital Market.
About Visionary Education Technology Holdings Group
Inc.
Visionary Education Technology Holdings Group Inc.,
headquartered in Toronto, Canada,
is a private education provider located in Canada, with subsidiaries in Canada and market partners in China, that offers high-quality education
resources to students around the globe. The Company aims to provide
access to secondary, college, undergraduate and graduate and
vocational education to students in Canada through technological innovation so
that more people can learn, grow and succeed to their full
potential. As a fully integrated provider of educational programs
and services in Canada, the
Company has been serving and will continue to serve both Canadian
and international students. For more information, visit the
Company's website at https://ir.visiongroupca.com/.
Forward-Looking Statements
All statements other than statements of historical fact in this
announcement are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on the Company's current expectations and projections
about future events that the Company believes may affect its
financial condition, results of operations, business strategy and
financial needs. Investors can identify these forward-looking
statements by words or phrases such as "believes," "expects,"
"anticipates," "estimates," "intends," "would," "continue,"
"should," "may," or similar expressions. The Company undertakes no
obligation to update or revise publicly any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the
Company's registration statement and in its other filings with the
SEC.
View original
content:https://www.prnewswire.com/news-releases/visionary-education-technology-holdings-group-inc-announces-results-of-2023-annual-general-meeting-and-receipt-of-nasdaq-extension-letter-302014429.html
SOURCE Visionary Education Technology Holdings Group Inc.