Business
E-Home Household Services Holdings Limited Announces Extraordinary General Meeting Results on Share Consolidation and Share Capital Increase
FUZHOU, China, Sept. 21, 2023 /PRNewswire/ -- E-Home Household Service Holdings Limited (Nasdaq: EJH) (the "Company" or "E Home"), a provider of integrated
About this update from E-home Household Service Holdings Limited
[{"type":"text","content":"FUZHOU, China, Sept. 21, 2023 /PRNewswire/ -- E-Home Household Service Holdings Limited (Nasdaq: EJH) (the \"Company\" or \"E Home\"), a provider of integrated household services in China, today announced that at an extraordinary general meeting of the Company held on September 15, 2023, at 10:00 a.m., local time, at E-Home, 18/F, East Tower, Building B, Dongbai Center, Yangqiao Road, Gulou District, Fuzhou City 350001, China (the \"Meeting\"), its shareholders approved resolutions that would result in (i) a share consolidation of 10 issued and unissued ordinary shares with par value of US$0.02 each in the Company's issued and unissued share capital into one ordinary share with par value of US$0.2 (the \"Share Consolidation\") and (ii) an increase in the authorized share capital of the Company from (a) US$1,020,000 divided into (x) 5,000,000 shares designated as ordinary shares with a par value of US$0.2 per share and (y) 10,000,000 shares designated as preferred shares with a par value of US$0.002 per share, to (b) US$100,020,000 divided into (x) 500,000,000 shares designated as ordinary shares with a par value of US$0.2 per share and (y) 10,000,000 shares designated as preferred shares with a par value of US$0.002 per share (the \"Share Capital Increase\"). The shareholders also approved at the Meeting the third amended and restated memorandum and articles of association of the Company to reflect the Share Consolidation and the Share Capital Increase. The Share Consolidation is primarily being effectuated to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) related to the minimum bid price per share of the Company's ordinary shares. \n\nThe Company will announce the market effective date of the Share Consolidation shortly. Immediately after the Share Consolidation, each shareholder's percentage ownership interest in the Company and proportional voting power will remain unchanged, except for minor changes and adjustments that will result from the treatment of fractional shares. The rights of the holders of ordinary shares will be substantially unaffected by the Share Consolidation. No fractional shares will be issued in connection with the Share Consolidation, and all such fractional shares will be round up to the nearest whole number of shares following or as a result of the Share Consolidation. Shareholders who are ho...