CHENGDU,
China, June 18, 2024 /PRNewswire/ -- Qilian
International Holding Group Limited (NASDAQ:QLI) ("Qilian" or the
"Company"), a China-based
pharmaceutical and chemical products manufacturer, announced
today that an 1 for 5 reverse split of its authorized share
capital, was approved by the Company's board of directors on
May 29, 2023 and will become
effective on June 21, 2024. In
connection with the reverse share split, the Company's shareholders
will receive one new Class A ordinary share or Class B ordinary
share of the Company for every five Class A ordinary shares or
every five Class B ordinary shares they hold, respectively. The
Company's Class A ordinary shares are expected to begin trading on
a split-adjusted basis when the market opens on June 21, 2024.
The reverse share split is expected to lead the Company's Class
A ordinary shares to trade at approximately five times the price
per share at which it trades prior to the effectiveness of the
reverse share split. The Company, however, cannot assure that the
price of its Class A ordinary shares after the reverse split will
reflect the 1 for 5 reverse split ratio, that the price per share
following the effective time of the reverse split will be
maintained for any period of time, or that the price will remain
above the pre-split trading price.
The Company has filed the Amended and Restated Articles and
Memorandum of Association in connection with the reverse share
split. Immediately prior to the reverse split, there are 23,750,000
of the Company's Class A Ordinary Shares and 12,000,000 Class B
ordinary shares outstanding. Effecting the 1 for 5 reverse split
will reduce the number of issued and outstanding shares to
approximately 4,750,000 Class A ordinary shares and 2,400,000 Class
B ordinary shares. As a result of the reverse split, the Company's
authorized share capital will be changed to 70,000,000 Class A
Ordinary Shares, par value $0.00833335 each, 20,000,000 Class B Ordinary
Shares, par value $0.00833335 each,
and 10,000,000 preferred shares, par value $0.00833335 each.
Fractional Shares
Any fractional shares that would have resulted because of the
Reverse Split will be rounded up to the nearest whole share.
New Ordinary Share Certificates
Certificates reflecting the new share number will be issued in
due course as old share certificates are tendered for exchange or
transfer to the Company's transfer agent, VStock. Registered
shareholders holding pre-split shares of the Company's ordinary
shares electronically in book-entry form are not required to take
any action to receive post-split shares. Shareholders who
hold their shares through a securities broker or nominee (i.e., in
"street name") will be contacted by their brokers or nominees with
any instructions. For more information, shareholders and securities
brokers should contact VStock at (212)828-8436.
About Qilian International Holding Group Ltd
Qilian International Holding Group Ltd, headquartered in
Gansu, China, is a pharmaceutical
and chemical products manufacturer in China. It focuses on the development,
manufacture, marketing and sale of licorice products,
oxytetracycline products, traditional Chinese medicine derivatives
product, heparin product, sausage casings, and fertilizers. The
Company's products are sold in more than 20 provinces in
China. For more information, visit
the Company's website at https://www.qilianholding.com/
Safe Harbor Statement
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
are: the ability to manage growth; ability to identify and
integrate other future acquisitions; ability to obtain additional
financing in the future to fund capital expenditures; fluctuations
in general economic and business conditions; costs or other factors
adversely affecting our profitability; litigation involving
patents, intellectual property, and other matters; potential
changes in the legislative and regulatory environment; a pandemic
or epidemic. The forward-looking statements contained in this
release are also subject to other risks and uncertainties,
including those more fully described in the Company's filings with
the Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable law. Such information speaks only as of the
date of this release.
For more information, please contact:
Name: Yubin Jiang
Email: info@qiliancorp.com
jiangyubin@qiliancorp.com
xinchen@qiliancorp.com
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SOURCE Qilian International Holding Group Limited