HANGZHOU, China, July 07, 2023 (GLOBE NEWSWIRE) -- Jiuzi Holdings, Inc. (NASDAQ: JZXN; the "Company"), a leading new energy vehicle (NEV) dealership group under the brand name "Jiuzi" in China, today announced that it will effect a reverse share split of its outstanding ordinary shares, par value $0.001 per share (the “Ordinary Shares”), at a ratio of 1-for-18, to be effective on or around the open of trading on July 10, 2023.
Our Ordinary Shares will begin trading on a reverse share split-adjusted basis at the opening of The Nasdaq Capital Market (“Nasdaq”) on or around Wednesday, July 10, 2023. Following the reverse share split, the Ordinary Shares will have a par value of $0.018 per share and will continue to trade on Nasdaq under the symbol “JZXN” with the new CUSIP number, G51400128. The reverse share split is intended for the Company to regain compliance with the minimum bid price requirement of $1.00 per ordinary share for continued listing on Nasdaq.
No fractional shares will be issued in connection with the reverse share split and all such fractional interests will be rounded up to the nearest whole number of Ordinary Shares. In addition, the reverse share split will apply to the Ordinary Shares issuable upon the exercise of the Company’s outstanding derivative securities, with proportionate adjustments to be made to the exercise prices and number of derivates thereof and under the Company’s equity incentive plans.
The reverse share split will reduce the number of issued and outstanding shares of the Company’s Ordinary Shares from approximately 46.5 million to approximately 2.6 million.
On June 23, 2023, the shareholders of the Company approved the Second Amended and Restated Memorandum and Articles of Association of the Company to effect a reverse share split of the Ordinary Shares, at a ratio of up to 1-for-20, with such ratio to be determined in the sole discretion of the Company’s board of directors (the “Board”) and with the reverse share split to be effected at such time and date, if at all, as determined by the Board in its sole discretion. The Board approved the reverse share split at a ratio of 1-for-18 on June 26, 2023.
Transhare Corporation is acting as the exchange agent and paying agent for the reverse share split. Shareholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse share split.
Transhare Corporation will provide instructions to any shareholders with certificates regarding the process in connection with the exchange of pre-reverse share split share certificates for ownership in book-entry form or share certificates on a post-reverse share split basis. Shareholders are encouraged to contact their bank, broker or custodian with any procedural questions.
About Jiuzi Holdings, Inc.
Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and established in 2017, franchises and operates retail stores under the brand name "Jiuzi" to sell New Energy Vehicles ("NEVs") in third and fourth-tier cities in China. The Company mainly sells battery-operated electric vehicles and sources NEVs through more than twenty NEV manufacturers. It has 51 operating franchise stores and one company-owned store. For more information, visit the Company's website at http://www.zjjzxny.cn/.
Forward-Looking Statements
All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs, including the expectation that the Offering will be completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent events, circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and its other filings with the SEC.
For more information, please contact:
Stephen Tong
Email: jiuzi@mana-ir.com
SOURCE Jiuzi Holdings, Inc.
