Business
Tantech Holdings Announces 1-for-24 Common Share Consolidation
LISHUI, China, Nov. 8, 2022 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company"), announced today that the Company's Board
About this update from Tantech Holdings Ltd.
[{"type":"text","content":"LISHUI, China, Nov. 8, 2022 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) (\"Tantech\" or the \"Company\"), announced today that the Company's Board approved on October 28, 2022 to effect a share consolidation of the Company's common shares at the ratio of one-for-24 with the marketplace effective date of November 9, 2022.\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.\nBeginning with the opening of trading on November 9, 2022, the Company's common shares will trade on the NASDAQ Capital Market on a split-adjusted basis, under the same symbol \"TANH\" but under a new CUSIP Number, G8675X149.\nAs a result of the share consolidation, each twenty-four common 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 common shares will be issued to any shareholders in connection with the share consolidation, and such fractional shares will be redeemed by the Company.\nThe share consolidation will reduce the number of common shares issued and outstanding from 29,278,601 to approximately 1,219,941 (subject to the redemption of the fractional shares at the closing price of the common shares on November 8, 2022). The authorized number of common shares will be reduced by the same one-for-twenty-four ratio from 60,000,000 to 2,500,000.\nAbout Tantech Holdings Ltd\nFor the past decade, Tantech has been a highly specialized high-tech enterprise producing, researching and developing bamboo charcoal-based products with an established domestic and international sales and distribution network. Since 2017, when the Company acquired 70% of Shangchi Automobile, a vehicle manufacturer based in Zhangjiagang City, Jiangsu Province, it has manufactured and sold vehicles. The Company established two new subsidiaries, Lishui Smart New Energy Automobile Co., Ltd. and Zhejiang Shangchi New Energy Automobile Co., Ltd., in November 2020, to produce and sell street sweepers and other electric vehicles. The Company is fully ISO 90000 and ISO 14000 certified and has received a number of national, provincial and local honors, awards and certifications for its products and scientific research efforts. The Company's subsidiary, First In...