BEIJING, Sept. 8,
2022 /PRNewswire/ – Infobird Co., Ltd (NASDAQ: IFBD)
("Infobird" or the "Company"), a leading provider of AI-powered
customer engagement solutions in China, today announced that
it plans to implement a 1-for-5 share consolidation of
its ordinary shares (the "Share Consolidation"), effective on
September 9, 2022.
Beginning with the opening of trading on September 9, 2022, 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 G47724201. 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.
Upon the effectiveness of the Share Consolidation, every five
issued and outstanding ordinary shares will automatically be
converted into one issued and outstanding ordinary share. 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.
The Share Consolidation was approved by the Company's board of
directors on August 10, 2022 and its
shareholders on September 6, 2022.
The Company has filed a Second Amended and Restated Memorandum and
Articles of Association with the Cayman Islands Registrar of
Companies.
About Infobird Co., Ltd
Infobird, headquartered in Beijing,
China, is a software-as-a-service provider of innovative
AI-powered, or artificial intelligence enabled, customer engagement
solutions in China. For more
information, visit Infobird's website at www.Infobird.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Words such as "plans", "will," "future," "expects,"
"believes," and "intends," or similar expressions, are intended to
identify forward-looking statements. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. All
forward-looking statements are inherently uncertain as they are
based on current expectations and assumptions concerning future
events, results, conditions or performance of the Company. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which are only predictions and speak only as of the
date they are made. In evaluating such statements, investors and
prospective investors should review carefully various risks and
uncertainties and other matters identified in the Company's filings
with the U.S. Securities and Exchange Commission. These risks and
uncertainties could cause the Company's actual results to differ
materially from those indicated in the forward-looking statements.
The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law.
View original
content:https://www.prnewswire.com/news-releases/infobird-co-ltd-announces-1-for-5-share-consolidation-301620011.html
SOURCE INFOBIRD