CHANGZHOU, China, April 10,
2024 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq:
EZGO) ("EZGO" or "we," "our," or the "Company"), a leading
short-distance transportation solutions provider in China, today announced that on March 22, 2024, its board of directors approved a
reverse split of its ordinary shares on a one-for-forty basis (the
"Reverse Share Split"). The Company's ordinary shares will begin
trading on a post-split basis on April 12,
2024.
As a result of the Reverse Share Split, each forty (40)
pre-split ordinary shares of the Company will be automatically
combined into one (1) ordinary share without any action on the part
of the holders, with par value of the ordinary shares of the
Company being changed from $0.001 per
share to $0.04 per share, and the
Company's issued and outstanding ordinary shares will be reduced
from 102,165,549 to approximately 2,554,139. The Company's ordinary
shares will continue to trade on the Nasdaq Capital Market
("Nasdaq") under the symbol "EZGO" under a new CUSIP number –
G5279F110. The Reverse Share Split is intended to increase the
market price per share of the Company's ordinary shares to allow
the Company to maintain its Nasdaq listing.
No fractional shares will be issued as a result of the Reverse
Share Split. Shareholders who would receive a fractional share as a
result of the 40 for 1 Reverse Split shall receive, if they hold a
fractional share equal to one-half or more, a full ordinary share,
and if they hold a fractional share equal to less than one-half of
an ordinary share, then that fractional share will be
cancelled.
The Reverse Share Split will not be submitted to a vote of the
Company's shareholders as a vote was not required under the laws of
the British Virgin Islands.
The Company's transfer agent, VStock Transfer, LLC, will act as
the exchange agent. Adjustments made to ordinary shares represented
by physical stock certificates can be made upon surrender of the
certificate to the transfer agent. Please contact VStock Transfer,
LLC for further information at (212) 828-8436.
About EZGO Technologies Ltd.
Leveraging an Internet of Things (IoT) product and service
platform and two e-bicycle brands, "EZGO" and "Cenbird," EZGO has
established a business model centered on the design, manufacturing
and sale of two-and three-wheeled electric vehicles, intelligent
robots, complemented by electric vehicle accessories including
batteries, charging piles and electronic control system. For
additional information, please visit EZGO's website at
www.ezgotech.com.cn. Investors can visit the "Investor Relations"
section of EZGO's website at www.ezgotech.com.cn/Investor.
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate," or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. 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; product and service demand and acceptance;
changes in technology; economic conditions; the growth of the
short-distance transportation solutions market in China and the other international markets the
Company plans to serve; reputation and brand; the impact of
competition and pricing; government regulations; fluctuations in
general economic and business conditions in China and the international markets the
Company plans to serve and assumptions underlying or related to any
of the foregoing and other risks contained in reports filed by the
Company with the Securities and Exchange Commission (the "SEC"),
including the Company's most recently filed Annual Report on Form
20-F and its subsequent filings. 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 more information, please contact:
Ascent Investor Relations LLC
Tina Xiao
Email: investors@ascent-ir.com
Phone: +1 646-932-7242
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SOURCE EZGO Technologies Ltd.
