Business
ReTo Eco-Solutions, Inc. Announces Corrected Market Effective Date for Share Combination
BEIJING, May 12, 2023 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (Nasdaq: RETO) ("ReTo" or the "Company"), a provider of technology solutions and operation
About this update from Reto Eco-solutions, Inc.
[{"type":"text","content":"BEIJING, May 12, 2023 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (Nasdaq: RETO) (\"ReTo\" or the \"Company\"), a provider of technology solutions and operation services for intelligent ecological environments and roadside assistance services and software development services in China, today announced that its common shares will begin trading on a post-share combination basis on the Nasdaq Capital Market (\"Nasdaq\") on May 15, 2023 instead of May 12, 2023 as previously announced.\nOn May 9, 2023, ReTo's Board of Directors approved a 10:1 share combination of its common shares (\"Share Combination\"). As a result of the Share Combination , each ten (10) pre-split shares of the Company's common shares will automatically combine into one (1) common share without any action on the part of the holders, the Company's authorized shares will be changed from 200,000,000 common shares, par value $0.001 per share, to 20,000,000 common shares, par value $0.01 per share, and the Company's issued and outstanding common shares will be reduced from 53,787,689 to approximately 5,378,769. The Company's common shares will continue to trade on Nasdaq under the symbol \"RETO\" but will trade under a new CUSIP number – G75271117. The Share Combination is intended to increase the market price per share of the Company's common shares to allow the Company to maintain its Nasdaq listing.\nNo fractional shares will be issued as a result of the Share Combination. Shareholders who otherwise would be entitled to a fractional share because they hold a number of common shares not evenly divisible by the one (1) for ten (10) ratio will automatically be entitled to receive an additional share of the Company's common share.\nThe Share Combination will not be submitted to a vote of the Company's shareholders and a vote was not required under the laws of the British Virgin Islands.\nThe Company's transfer agent, Vstock Transfer, LLC, will act as the exchange agent. Adjustments made to common shares represented by physical stock certificates can be made upon surrender of the certificate to the transfer agent. Please contact Vstock Transfer, LLC for further information at (212) 828-8436.\nAbout ReTo Eco-Solutions, Inc.\nFounded in 1999, ReTo, through its proprietary technologies, systems and solutions, is striving to bring clean water and fertile soil to communities wo...