BEIJING, Oct. 13,
2023 /PRNewswire/ -- Ucommune International Ltd
(NASDAQ: UK) ("Ucommune" or the "Company"), a leading agile office
space manager and provider in China, today announced that an extraordinary
general meeting of the Company (the "Meeting") will be held at
10 A.M. on November 29, 2023, Beijing time (9
P.M. on November 28, 2023,
U.S. Eastern time) at Floor B1, No.2 Guanghua Road, Chaoyang
District, Beijing, China. The
Company has established the close of business on October 20,
2023, Eastern time (the "Record
Date"), as the record date for determining shareholders entitled to
notice of, and to vote at, the Meeting and any adjournments or
postponements thereof. The purpose of the Meeting is:
(1) to effect an increase of authorized share
capital from US$50,000.00 divided
into 25,000,000 ordinary shares of par value of US$0.002 each, comprising (i) 20,000,000 Class A
ordinary shares of par value of US$0.002 each and (ii) 5,000,000 Class B ordinary
shares of par value of US$0.002 each,
to US$600,000.00 divided into
300,000,000 ordinary shares of par value of US$0.002 each, comprising (i) 240,000,000 Class A
ordinary shares of par value of US$0.002 each and (ii) 60,000,000 Class B
ordinary shares of par value of US$0.002 each, by creating additional 220,000,000
authorized but unissued Class A ordinary shares and 55,000,000
authorized but unissued Class B ordinary shares (the "Increase of
Share Capital");
(2) to effect a share consolidation of 12 ordinary
shares with a par value of US$0.002
each in the Company's issued and unissued share capital into one
ordinary share with a par value of US$0.024 (the "Share Consolidation"), so that the
authorized share capital of the Company will be US$600,000.00 divided into 25,000,000 ordinary
shares of par value of US$0.024 each,
comprising (i) 20,000,000 Class A ordinary shares of par value of
US$0.024 each and (ii) 5,000,000
Class B ordinary shares of par value of US$0.024 each; and
(3) to amend the Company's Amended and Restated
Memorandum and Articles of Association currently in effect (the
"Current M&A") to (i) reflect the Increase of Share Capital and
the Share Consolidation and (ii) change the voting power of the
Class B ordinary shares of par value of US$0.024 each (the "Class B Ordinary Shares")
from thirty-five (35) votes for each Class B Ordinary Share to
fifty-five (55) votes for each Class B Ordinary Share.
Pursuant to the Current M&A, the Company obtained the
ordinary resolutions of the holders of Class B ordinary shares to
approve the proposed variation of rights of Class B ordinary shares
set forth in the notice of the Meeting on October 10, 2023. Subject to the approval at the
Meeting, the Share Consolidation will be effective at 5 P.M. on November 29,
2023, U.S. Eastern time, and the Class A ordinary shares are
expected to begin trading on a post-Share Consolidation basis on
the Nasdaq Capital Market when markets open on the next business
trading day under the new CUSIP/ISIN numbers. No fractional shares
will be issued in connection with the Share Consolidation. All
fractional shares will be rounded up to the whole number of shares.
Copies of the notice of the Meeting and the form of proxy are
available on the Company's corporate investor relations website at
https://ir.ucommune.com.
About Ucommune International Ltd
Ucommune is China's leading
agile office space manager and provider. Founded in 2015, Ucommune
has created a large-scale intelligent agile office ecosystem
covering economically vibrant regions throughout China to empower its members with flexible and
cost-efficient office space solutions. Ucommune's various offline
agile office space services include self-operated models, such as U
Space and U Design, as well as asset-light models, such as U Brand
and U Partner. By utilizing its expertise in the real estate and
retail industries, Ucommune operates its agile office spaces with
high efficiency and engages in the urban transformation of older
and under-utilized buildings to redefine commercial real estate in
China.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. These forward-looking statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "potential,"
"continue," "ongoing," "targets," "guidance" and similar
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Any 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. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the Company's growth strategies; its
future business development, results of operations and financial
condition; its ability to understand members' needs and provide
products and services to attract and retain members; its ability to
maintain and enhance the recognition and reputation of its brand;
its ability to maintain and improve quality control policies and
measures; its ability to establish and maintain relationships with
members and business partners; trends and competition in
China's agile office space market;
changes in its revenues and certain cost or expense items; the
expected growth of China's agile
office space market; PRC governmental policies and regulations
relating to the Company's business and industry, and general
economic and business conditions in China and globally and assumptions underlying
or related to any of the foregoing. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the SEC. All information provided in this
press release and in the attachments is as of the date of this
press release, and the Company undertakes no obligation to update
any forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
Ucommune International Ltd
ir@ucommune.com
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SOURCE Ucommune International Ltd
