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China SXT Pharmaceuticals, Inc. Announces 1 for 20 Reverse Share Split
TAIZHOU, China, May 18, 2022 (GLOBE NEWSWIRE) -- China SXT Pharmaceuticals, Inc. (NASDAQ: SXTC) ("China SXT" or the "Company"), a specialty pharmaceutical
About this update from China Sxt Pharmaceuticals, Inc.
[{"type":"text","content":"TAIZHOU, China, May 18, 2022 (GLOBE NEWSWIRE) -- China SXT Pharmaceuticals, Inc. (NASDAQ: SXTC) (\"China SXT\" or the \"Company\"), a specialty pharmaceutical company focusing on the research, development, manufacturing, marketing, and sales of Traditional Chinese Medicine Pieces (\"TCMPs\"), including Advanced TCMPs (Directly-Oral TCMP and After-Soaking-Oral TCMP), fine TCMPs, regular TCMPs, and TCM Homologous Supplements (\"TCMHS\") announced today that an 1 for 20 reverse split of its ordinary shares was approved by the Company’s board of directors on May 10, 2022 and became effective on May 17, 2022. . In connection with the reverse share split, the Company’s shareholders will receive one new ordinary share of the Company for every twenty shares they hold. The Company’s ordinary shares is expected to begin trading on a split-adjusted basis when the market opens on May 19, 2022, The reverse share split is expected to lead the Company’s ordinary shares to trade at approximately twenty times the price per share at which it trades prior to the effectiveness of the reverse share split. The Company, however, cannot assure that the price of its ordinary shares after the reverse split will reflect the 1 for 20 reverse split ratio, that the price per share following the effective time of the reverse split will be maintained for any period of time, or that the price will remain above the pre-split trading price. The Company has filed the Amended and Restated Articles and Memorandum of Association in connection with the reverse share split. As of May 16, 2022, there were approximately 40,627,868 of the Company’s ordinary shares outstanding. Effecting the 1 for 20 reverse split will reduce that amount to approximately 2,031,400. The reverse split will not change the number of the Company’s authorized preferred and ordinary shares, which will remain as unlimited. Treatment of Stock Options and Restricted Shares The number of ordinary shares into which the Company’s outstanding stock options and restricted shares as well as the options’ relevant exercise price per share will be proportionally adjusted to reflect the reverse split. Fractional Shares Any fractional shares that would have resulted because of the Reverse Split will be rounded up to the nearest whole share. New Ordinary Share Certificates Certificates reflecting the new share ...