Business
VS Media Holdings Limited Announces 1-for-7 Share Combination
HONG KONG, June 10, 2024 (GLOBE NEWSWIRE) -- VS Media Holdings Limited (NASDAQ: VSME, the "Company"), a leader in managing a global network of digital
About this update from Vs Media Holdings Limited
[{"type":"text","content":"HONG KONG, June 10, 2024 (GLOBE NEWSWIRE) -- VS Media Holdings Limited (NASDAQ: VSME, the \"Company\"), a leader in managing a global network of digital creators, today announced that it plans to implement a 1-for-7 share combination of its Class A ordinary shares (“Class A Ordinary Shares”) and Class B ordinary shares (“Class B Ordinary Shares”) (the \"Share Combination\"), effective on June 17, 2024. Beginning with the opening of trading on June 17, 2024, the Company's Class A Ordinary Shares will begin trading on a post-Share Combination basis on the Nasdaq Capital Market under the same symbol \"VSME\", but under a new CUSIP number of G9517U202. The objective of the Share Combination is to enable the Company to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing on the Nasdaq Capital Market. Upon the effectiveness of the Share Combination, every seven issued and outstanding Class A Ordinary Shares of no par value each and Class B Ordinary Shares, no par value per share will automatically be converted into one issued and outstanding Class A Ordinary Share of no par value each and Class B Ordinary Shares, no par value per share, respectively. No fractional shares will be issued as a result of the Share Combination. Instead, any fractional shares that would have resulted from Share Combination will be rounded up to the next whole number. The Share Combination 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. The Share Combination was approved by the Company's board of directors on June 5, 2024, and its shareholders on June 10, 2024. About VS MediaVS Media Holdings Limited (NASDAQ: VSME) manages a network of leading digital creators across Asia Pacific that powers content-driven social commerce and offers local and effective marketing services to brands. Founded in 2013, VSME partners with over 1,500 creators and over 1,000 brands to promote and merchandise their products and services. The Company is currently growing internationally across Hong Kong, China, Taiwan, Singapore, and beyond. For more information, visit https://www.vs-media.com. Forward-Looking StatementsCertain statements in this announcement are forward-looking statemen...