UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Amendment No. 1)
(Mark One)
OR
For the fiscal year ended
OR
For the transition period from to
OR
Date of event requiring this shell company report
Commission
file number:
(Exact name of Registrant as specified in its charter)
Not applicable
(Translation of Registrant’s name into English)
(Jurisdiction of incorporation or organization)
+55 (47) 3281-9500
(Address of principal executive offices)
+55 (
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Copies to:
Manuel
Garciadiaz
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, NY 10017
Phone: (212) 450-4000
Fax: (212) 450-6858
Securities registered or to be registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| The |
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
The
number of outstanding shares as of December 31, 2021 was
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☐
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Yes
☐
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
Accelerated Filer ☐
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by
that prepared or issued its audit report:
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
| ☐ | U.S. GAAP |
| International Financial Reporting Standards as issued by the International Accounting Standards Board |
| ☐ | Other |
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
☐ Item 17 ☐ Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐
Explanatory Note
We are amending our Annual Report on Form 20-F for the fiscal year ended December 31, 2021 (the “Annual Report” as originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 30, 2022) for the purpose of disclosing our reliance on certain foreign private issuer exemptions to Nasdaq Rules by amending and restating the sections captioned “Item 16G. Corporate Governance—Foreign Private Issuer Status” and “Item 16G. Corporate Governance—Principal Differences between Cayman Islands and U.S. Corporate Law—Corporate Governance” as set forth below.
Other than set forth above, this Form 20-F/A does not, and does not purport to, amend, update or restate the information in any other item of the Annual Report as originally filed with the SEC. As a result, this Form 20-F/A does not reflect any events that may have occurred after the Annual Report was filed on March 30, 2022.
ITEM 16G. CORPORATE GOVERNANCE
Foreign Private Issuer Status
Nasdaq listing rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow “home country” corporate governance practices in lieu of the otherwise applicable corporate governance standards of Nasdaq. The application of such exceptions requires that we disclose each noncompliance with Nasdaq listing rules that we do not follow and describe the Cayman Islands corporate governance practices we do follow in lieu of the relevant Nasdaq corporate governance standard. As a foreign private issuer, we currently rely, and will continue to rely, on the foreign private issuer exemption with respect to the following rules:
| ● | Nasdaq Rule 5605(b), which requires that independent directors comprise a majority of a company’s board of directors. As allowed by the laws of the Cayman Islands, independent directors do not comprise a majority of our board of directors. | |
| ● | Nasdaq Rule 5605(e)(1), which requires that a company have a nominations committee comprised solely of “independent directors” as defined by Nasdaq. As allowed by the laws of the Cayman Islands, we do not have a nominations committee nor do we have any current intention to establish one. | |
| ● | Nasdaq Rule 5605(d) & (e), which require that compensation for our executive officers and selection of our director nominees be determined by a majority of independent directors. As allowed by the laws of the Cayman Islands, we do not have a nomination and corporate governance committee or remuneration committee nor do we have any current intention to establish either. | |
| ● | Nasdaq Rule 5635, which requires that a listed issuer obtain shareholder approval prior to an issuance of securities in connection with: (i) the acquisition of the stock or assets of another company; (ii) equity-based compensation of officers, directors, employees or consultants; (iii) a change of control; and (iv) transactions other than public offerings. Pursuant to the laws of the Cayman Islands and our Articles of Association, we are not required to obtain any such approval. |
1
Principal Differences between Cayman Islands and U.S. Corporate Law
Corporate Governance
Cayman Islands law restricts transactions between a company and its directors unless there are provisions in the Articles of Association which provide a mechanism to alleviate possible conflicts of interest. Additionally, Cayman Islands law imposes on directors’ duties of care and skill and fiduciary duties to the companies which they serve. Under Vitru’s Articles of Association, a director must disclose the nature and extent of his interest in any contract or arrangement, and following such disclosure and subject to any separate requirement under applicable law or the listing rules of the Nasdaq, and unless disqualified by the chairman of the relevant meeting, the interested director may vote in respect of any transaction or arrangement in which he or she is interested. The interested director shall be counted in the quorum at such meeting and the resolution may be passed by a majority of the directors present at the meeting.
Subject to the foregoing and our Articles of Association, our directors may exercise all the powers of Vitru to vote compensation to themselves or any member of their body in the absence of an independent quorum. We currently have no intention to establish a Compensation Committee.
As a foreign private issuer, we are permitted to follow home country practice in lieu of certain Nasdaq corporate governance rules, subject to certain requirements. We currently rely, and will continue to rely, on the foreign private issuer exemption with respect to the following rules:
| ● | Nasdaq Rule 5605(b), which requires that independent directors comprise a majority of a company’s board of directors. As allowed by the laws of the Cayman Islands, independent directors do not comprise a majority of our board of directors. | |
| ● | Nasdaq Rule 5605(e)(1), which requires that a company have a nominations committee comprised solely of “independent directors” as defined by Nasdaq. As allowed by the laws of the Cayman Islands, we do not have a nominations committee nor do we have any current intention to establish one. | |
| ● | Nasdaq Rule 5605(d) & (e), which require that compensation for our executive officers and selection of our director nominees be determined by a majority of independent directors. As allowed by the laws of the Cayman Islands, we do not have a nomination and corporate governance committee or remuneration committee nor do we have any current intention to establish either. | |
| ● | Nasdaq Rule 5635, which requires that a listed issuer obtain shareholder approval prior to an issuance of securities in connection with: (i) the acquisition of the stock or assets of another company; (ii) equity-based compensation of officers, directors, employees or consultants; (iii) a change of control; and (iv) transactions other than public offerings. Pursuant to the laws of the Cayman Islands and our Articles of Association, we are not required to obtain any such approval. |
2
SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to the annual report on Form 20-F on its behalf.
| VITRU LIMITED | |||
| Date: April 19, 2022 | By: | /s/ Carlos Henrique Boquimpani de Freitas | |
| Name: | Carlos Henrique Boquimpani de Freitas | ||
| Title: | Chief Financial Officer | ||
3
Document And Entity Information |
12 Months Ended |
|---|---|
|
Dec. 31, 2021
shares
| |
| Document Information Line Items | |
| Entity Registrant Name | Vitru Ltd |
| Trading Symbol | VTRU |
| Document Type | 20-F/A |
| Current Fiscal Year End Date | --12-31 |
| Entity Common Stock, Shares Outstanding | 23,329,324 |
| Amendment Flag | true |
| Amendment Description | We are amending our Annual Report on Form 20-F for the fiscal year ended December 31, 2021 (the “Annual Report” as originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 30, 2022) for the purpose of disclosing our reliance on certain foreign private issuer exemptions to Nasdaq Rules by amending and restating the sections captioned “Item 16G. Corporate Governance—Foreign Private Issuer Status” and “Item 16G. Corporate Governance—Principal Differences between Cayman Islands and U.S. Corporate Law—Corporate Governance” as set forth below.Other than set forth above, this Form 20-F/A does not, and does not purport to, amend, update or restate the information in any other item of the Annual Report as originally filed with the SEC. As a result, this Form 20-F/A does not reflect any events that may have occurred after the Annual Report was filed on March 30, 2022. |
| Entity Central Index Key | 0001805012 |
| Entity Current Reporting Status | Yes |
| Entity Voluntary Filers | No |
| Entity Filer Category | Accelerated Filer |
| Entity Well-known Seasoned Issuer | No |
| Document Period End Date | Dec. 31, 2021 |
| Document Fiscal Year Focus | 2021 |
| Document Fiscal Period Focus | FY |
| Entity Emerging Growth Company | true |
| Entity Shell Company | false |
| Entity Ex Transition Period | false |
| ICFR Auditor Attestation Flag | false |
| Document Registration Statement | false |
| Document Annual Report | true |
| Document Transition Report | false |
| Document Shell Company Report | false |
| Entity File Number | 001-39519 |
| Entity Incorporation, State or Country Code | E9 |
| Entity Address, Address Line One | Rodovia José Carlos Daux, 5500, Torre Jurerê A |
| Entity Address, Address Line Two | 2nd floor, Saco Grande |
| Entity Address, City or Town | Florianópolis |
| Entity Address, Country | BR |
| Entity Address, Postal Zip Code | 88032-005 |
| Title of 12(b) Security | Common shares, par value U.S.$0.00005 per share |
| Security Exchange Name | NASDAQ |
| Entity Interactive Data Current | Yes |
| Auditor Name | PricewaterhouseCoopers |
| Auditor Location | Florianópolis, Brasil |
| Auditor Firm ID | 1351 |
| Document Accounting Standard | International Financial Reporting Standards |
| Business Contact | |
| Document Information Line Items | |
| Entity Address, Address Line One | Rodovia José Carlos Daux, 5500, Torre Jurerê A |
| Entity Address, Address Line Two | 2nd floor, Saco Grande |
| Entity Address, City or Town | Florianópolis |
| Entity Address, Country | BR |
| Entity Address, Postal Zip Code | 88032-005 |
| Contact Personnel Name | Carlos Henrique Boquimpani de Freitas |
| City Area Code | 47 |
| Local Phone Number | 3281-9500 |