Business
Dogness (International) Corporation Announces 1-for-20 Class A Common Share Consolidation
PLANO, Texas, Nov. 6, 2023 /PRNewswire/ -- Dogness (International) Corporation (NASDAQ: DOGZ) ("Dogness" or the "Company"), a developer and manufacturer of a
About this update from Dogness (international) Corporation
[{"type":"text","content":"PLANO, Texas, Nov. 6, 2023 /PRNewswire/ -- Dogness (International) Corporation (NASDAQ: DOGZ) (\"Dogness\" or the \"Company\"), a developer and manufacturer of a comprehensive line of Dogness-branded, OEM and private label pet products, announced today that the Company's board of directors approved on October 18, 2023 to amend its Memorandum and Articles of Association. This amendment will result in a change to the Company's authorized shares and par value and effect a share consolidation of the Company's issued and outstanding Class A common shares (\"Class A Shares\") at the ratio of 1-for-20 with the marketplace effective date of November 7, 2023.\n\n \n \n \n \n \n \n\n \nThe objective of the share consolidation is to enable the Company to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing on Nasdaq. The Company continues to meet all other listing standards.\nBeginning with the opening of trading on November 7, 2023, the Company's Class A Shares will trade on the Nasdaq Capital Market on a split-adjusted basis, under the same symbol \"DOGZ\" but under a new CUSIP Number, G2788T111.\nAs a result of the share consolidation, each twenty Class A Shares outstanding will automatically combine and convert to one issued and outstanding common share without any action on the part of the shareholders. No fractional Class A Shares will be issued to any shareholders in connection with the share consolidation, and such fractional shares will be redeemed by the Company.\nAt the time the Share Consolidation is effective, the number of shares the Company is authorized to issue will change from 110,000,000 shares divided into: (i) 90,931,000 Class A shares, each with a par value of US$0.002 and (ii) 19,069,000 Class B shares, each with a par value of US$0.002 to an unlimited number of Class A Shares of no par value each and an unlimited number of Class B Shares of no par value each. The share consolidation will reduce the number of Class A Shares outstanding from 31,055,259 to approximately 1,552,763 (subject to the redemption of the fractional shares). Both before and after the Share Consolidation, the outstanding number of Class B Shares is 9,069,000 shares.\nAbout Dogness\nDogness (International) Corporation was founded in 2003 from the belief that dogs and cats are important, well-loved family members. Thr...