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Infobird Co., Ltd Announces 1-for-20 Share Consolidation and Increase of Authorized Share Capital
HONG KONG, Nov. 16, 2023 /PRNewswire/ -- Infobird Co., Ltd (NASDAQ: IFBD) ("Infobird" or the "Company"), a software-as-a-service provider of innovative
About this update from Infobird Co., Ltd
[{"type":"text","content":"HONG KONG, Nov. 16, 2023 /PRNewswire/ -- Infobird Co., Ltd (NASDAQ: IFBD) (\"Infobird\" or the \"Company\"), a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions, today announced that the annual general meetings of the shareholders held on Wednesday, November 15, 2023, at Unit 532A, 5/F, Core Building 2, No. 1 Science Park West Avenue, Hong Kong Science Park, Tai Po, N.T., Hong Kong, approved the proposed 1-for-20 share consolidation of its ordinary shares of US$0.025 par value each (the \"Share Consolidation\") and increase of the Company's authorized share capital (the \"Increase of Authorized Shares\") immediately after the Share Consolidation takes effect. \n\nBeginning with the opening of trading on November 20, 2023, the Company's ordinary shares will begin trading on a post-Share Consolidation basis on the Nasdaq Capital Market under the same symbol \"IFBD\", but under a new CUSIP number of G47724128. The 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 the Nasdaq Capital Market.\nUpon the effectiveness of the Share Consolidation, every twenty issued and outstanding ordinary shares of a par value of US$0.025 each will automatically be consolidated into one issued and outstanding ordinary share of a par value of US$0.50 each. No fractional shares will be issued as a result of the Share Consolidation. Instead, any fractional shares that would have resulted from the Share Consolidation will be rounded up to the next whole number. The Share Consolidation affects all shareholders uniformly and will not alter any shareholder's percentage interest in the Company's outstanding ordinary shares, except for adjustments that may result from the treatment of fractional shares. Upon the effectiveness of the Increase of Authorized Shares, the Company's authorized share capital is increased from US$25,000,000 divided into 50,000,000 ordinary shares of a par value of US$0.50 each to US$25,000,000,000 divided into 50,000,000,000 shares of a par value of US$0.50 each, by the creation of an additional 49,950,000,000 ordinary shares, of a par value of US$0.50 each.\nThe Share Consolidation and the Increase of Authorized Shares was approved by the Company's board of direct...