SEC FILE NUMBER: 001-38313
CUSIP NUMBER: 45113Y203
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One ) o Form 10-K x Form 20-F o Form 11-K o Form 10-Q
o Form 10-D o Form N-CEN o Form N-CSR
For Period Ended: December 31, 2022
¨ Transition Report on Form 10-K
¨ Transition Report on Form 20-F
¨ Transition Report on Form 11-K
¨ Transition Report on Form 10-Q
For the Transition Period Ended:
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Read Instruction (on back page) Before Preparing Form. Please Print or Type. Nothing in this form shall be construed to imply that the Commission has verified any information contained herein. |
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
| PART I – registrant information |
| iClick Interactive Asia Group Limited |
| Full Name of Registrant |
| Former Name if Applicable |
| 15/F, Prosperity Millennia Plaza, 663 King’s Road, Quarry Bay |
| Address of Principal Executive Office (Street and Number) |
| Hong Kong S.A.R., People’s Republic of China |
| City, State and Zip Code |
PART II – RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
| x | (a)The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense; |
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(b)The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and | |
| (c)The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. |
SEC 1344 (06-19) Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
PART III — NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
(Attach extra Sheets if Needed)
iClick Interactive Asia Group Limited (the “Company”) has experienced a delay in compiling all information necessary for the disclosure and finalizing its financial statements (the “FY2022 Financial Statements”) in connection with its filing of the Form 20-F for the fiscal year ended December 31, 2022 (the “FY2022 Form 20-F”). Therefore, the Company needs additional time to complete its FY2022 Form 20-F and will not be able to file its FY2022 Form 20-F by the prescribed filing deadline.
PART IV — OTHER INFORMATION
| (1) | Name and telephone number of person to contact in regard to this notification |
| David Zhang | 852 | 3700 9000 | |
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(Name) |
(Area Code) |
(Telephone Number) |
| (2) |
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). x Yes ¨ No |
| (3) |
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? x Yes ¨ No |
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
The Company anticipates that there will be significant changes in its results of operations for FY2022 from the last fiscal year due to the scale-down of its marketing solutions business, uncertainties in the macro-economic environment from pandemic impact, which led to reduced budget and spending from clients and a broad-based slowdown in the advertising market in China, and increased competition in the SaaS market. In particular, the Company anticipates a significant decrease in net revenues from US$307.7 million in 2021 to approximately US$170 million in FY2022. The Company also expects to record a significant impairment of intangible assets under cost of revenues of no more than US$50 million in 2022 relating to its online advertising service. As a result, the Company expects to record a gross loss of approximately US$5 million in 2022, compared to gross profit of US$89.2 million in 2021. In addition, the Company expects to record significant impairment of goodwill and other long-lived assets of approximately US$80 million and US$5 million in 2022, respectively. As a result, the Company expects to record a net loss of no less than US$200 million in 2022.
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As of December 31, 2022, the Company had cash and cash equivalents, time deposits and restricted cash of no more than US$106 million. Subsequent to December 31, 2022, available facilities from certain banks to the Group were reduced whereby total undrawn facilities available for draw-down, net of bank deposits that would need to be pledged as restricted cash upon utilization of the facilities as of February 28, 2023 dropped to no more than US$19 million.
The above financial data included in Part IV is based on the Company’s currently available information and is subject to change upon finalization of the FY2022 Financial Statements. The Company’s reported material weaknesses from its fiscal year 2021 Form 20-F remain outstanding.
Safe Harbor Statement
This notification contains forward-looking statements, including those related to the Company's business strategies, operations and financial performance. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's fluctuations in growth; its success in its strategic shift away from Marketing Solutions to focus on Enterprise Solutions; its success in implementing its SaaS + X business model; its success in structuring a CRM & Marketing Cloud platform; relative percentage of its gross billing recognized as revenue under the gross and net models; its ability to retain existing clients or attract new ones; its ability to retain content distribution channels and negotiate favorable contractual terms; market competition; market acceptance of online marketing technology solutions and enterprise solutions; effectiveness of its algorithms and data engines; its ability to collect and use data from various sources; ability to integrate and realize synergies from acquisitions, investments or strategic partnership; the duration of the COVID-19 outbreak and its potential impact on the Company's business and financial performance; fluctuations in foreign exchange rates; general economic conditions in China and other jurisdictions where the Company operates; and the regulatory landscape in China and other jurisdictions where the Company operates. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other filings with the SEC. All information provided in this notification is as of the date of this notification, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
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iClick Interactive Asia Group Limited
(Name of Registrant as Specified in Charter)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| iClick Interactive Asia Group Limited | ||
| By: | /s/ David Zhang | |
| Name: | David Zhang | |
| Title: | Chief Financial Officer |
Date: April 28, 2023