BEIJING, May 12, 2023
/PRNewswire/ -- Infobird Co., Ltd (NASDAQ: IFBD) ("Infobird"
or the "Company"), a software-as-a-service 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 May 15,
2023.
Beginning with the opening of trading on May 15, 2023, 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 G47724110. 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 of a par value of
US$0.005 each will automatically be
converted into one issued and outstanding ordinary share of a par
value of US$0.025 each. 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 April 26, 2023 and its
shareholders on May 12, 2023. The Company has filed a Fourth
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.
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SOURCE Infobird Co., Ltd