SHANGHAI, Oct. 25,
2023 /PRNewswire/ -- Jowell Global Ltd. ("Jowell
Global" or the "Company") (NASDAQ: JWEL), one of the leading
cosmetics, health and nutritional supplements, and household
products e-commerce platforms in China, today announced that, at an
extraordinary general meeting of the Company held on October 25, 2023 (the "Meeting"), its
shareholders have approved by an ordinary resolution of a share
consolidation (the "Share Consolidation") that (i) every sixteen
(16) issued and unissued ordinary shares of the Company, par value
$0.0001 each (the "Ordinary Shares")
be consolidated into one (1) ordinary share par value $0.0016 each and (ii) every sixteen (16) issued
and unissued preferred shares of the Company, par value
$0.0001 each (the "Preferred Shares")
be consolidated into one (1) preferred share, par value
$0.0016 each. Immediately following
the Share Consolidation, the shareholders of the Company approved
by an ordinary resolution of share capital increase that the
authorized share capital of the Company be increased to
$800,000 divided into 500,000,000
shares of which (x) 450,000,000 shares are designated as ordinary
shares with a nominal or par value of $0.0016 per share, and (y) 50,000,000 shares are
designated as preferred shares with a nominal or par value of
$0.0016 per share (the "Share Capital
Increase"). At the Meeting, the shareholders of the Company
also approved by a special resolution the third amended and
restated memorandum and articles of association of the Company to
reflect the Share Consolidation and the Share Capital Increase.
The Company's ordinary shares will begin to trade on the NASDAQ
Stock Market on the post-consolidation basis under the symbol
"JWEL" on October 27, 2023. The new
CUSIP number for the Company's Ordinary Shares post-consolidation
is G5194C 119.
The Share Consolidation is primarily being effectuated to regain
compliance with Nasdaq Marketplace Rule 5550(a)(2) related to the
minimum bid price per share of the Company's ordinary
shares.
The Company's shareholders will receive one post-consolidation
ordinary share or preferred share for every sixteen
pre-consolidation ordinary shares or preferred shares held by them.
Immediately after the Share Consolidation, each shareholder's
percentage ownership interest in the Company and proportional
voting power will remain unchanged, except for minor changes and
adjustments that will result from the treatment of fractional
shares. The rights of the holders of ordinary shares and preferred shares will be substantially
unaffected by the Share Consolidation. No fractional shares will be
issued in connection with the Share Consolidation, and all such
fractional shares will be round up to the nearest whole number of
shares following or as a result of the Share Consolidation.
Shareholders who are holding their shares in electronic form at
brokerage firms do not need to take any action, as the effect of
the Share Consolidation will automatically be reflected in their
brokerage accounts.
About Jowell Global Ltd.
Jowell Global Ltd. (the "Company") is one of the leading
cosmetics, health and nutritional supplements and household
products e-commerce platforms in China. We offer our own brand products to
customers and also sell and distribute health and nutritional
supplements, cosmetic products and certain household products from
other companies on our platform. In addition, we allow third
parties to open their own stores on our platform for a service fee
based upon sale revenues generated from their online stores and we
provide them with our unique and valuable information about market
needs, enabling them to better manage their sales effort, as well
as an effective platform to promote their brands. The Company also
sells its products through authorized retail stores all across
China, which operate under the
brand names of "Love Home Store" or
"LHH Store" and "Juhao Best Choice Store". For more information,
please visit http://ir.1juhao.com/
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may," "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to" or other
similar expressions. The Company may also make written or oral
forward-looking statements in its reports filed with, or furnished
to, the U.S. Securities and Exchange Commission, in its annual
reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; financial condition and results of
operations; product and service demand and acceptance; reputation
and brand; the impact of competition and pricing; changes in
technology; government regulations; fluctuations in general
economic and business conditions in China and assumptions underlying or related to
any of the foregoing and other risks contained in reports filed by
the Company with the SEC. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For investor and media inquiries, please contact:
Jowell Global Ltd.
Ms. Jessie Zhao
Email: IR@1juhao.com
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SOURCE Jowell Global Ltd.