Business
Antelope Enterprise Announces One-for-Ten Reverse Stock Split
Class A Ordinary Shares Will Begin Trading on a Split-Adjusted Basis on September 18, 2023CHENGDU, China, Sept. 15, 2023 /PRNewswire/ -- Antelope Enterprise
About this update from Antelope Enterprise Holdings Limited
[{"type":"text","content":"Class A Ordinary Shares Will Begin Trading on a Split-Adjusted Basis on September 18, 2023CHENGDU, China, Sept. 15, 2023 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) (\"Antelope Enterprise\" or the \"Company\"), which operates KylinCloud, a premier livestreaming e-commerce platform that leverages a network of over 400,000 hosts and influencers across China, today announced that its Board of Directors has set the date of September 18, 2023 to be the effective date for the Company's one-for-ten reverse stock split of its issued and outstanding ordinary shares. The Company's Class A ordinary shares will begin trading on the NASDAQ Stock Market on a split-adjusted basis when the market opens on September 18, 2023. The CUSIP number for the Company's Class A ordinary shares will be changed to G041JN122.\n\n \n \n \n \n \n \n\n \nThe Company's Board of Directors approved a reverse stock split so as to regain compliance with the minimum bid price requirement of $1.00 per share for continued listing on the NASDAQ Stock Market. In order to maintain the Company's listing on the NASDAQ Capital Market, the Company's common stock must have a closing bid price of $1.00 or more for a minimum of ten consecutive trading days by January 22, 2024. There can be no assurance that following the reverse split, the Company's Class A ordinary shares will remain above $1.00 per share minimum for the requisite period as of January 22, 2024 to regain listing compliance. In the event the Company does not regain compliance with the minimum bid price requirement, its securities may be subject to delisting from the NASDAQ Stock Market which, in turn, will result in significant adverse effect on the value and liquidity of the Company's securities.\nAs a result of the reverse stock split, every ten issued and outstanding ordinary shares as of the effective date will automatically be combined into one issued and outstanding share. Consequently, the reverse stock split will reduce the total number of outstanding Class A and Class B ordinary shares of the Company from approximately 25.4 million shares to approximately 2.5 million shares. In lieu of issuing fractional shares, the Company will issue one full share of the post-reverse stock split ordinary share to any shareholder who would have been entitled to receive a fractional...