BEIJING, Nov. 29, 2023 /PRNewswire/ -- Ucommune
International Ltd (NASDAQ: UK) ("Ucommune" or the "Company"), a
leading co-working office space manager and provider in
China, today announced that at an
extraordinary general meeting of the Company held at 10 A.M. on November 29,
2023, Beijing time
(9 P.M. on November 28, 2023, U.S. Eastern time) (the
"Meeting"), its shareholders approved:
(1) 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) a share consolidation of 12
ordinary shares with par value of US$0.002 each in the Company's issued and
unissued share capital into one ordinary share with 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) an amendment of the Company's
memorandum and articles of association currently in effect 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.
Holders of Class B ordinary shares approved such variation of
rights of Class B ordinary shares on October
10, 2023 pursuant to the Current M&A. As a result, with
immediate effect, each Class A ordinary shares, par value of
US$0.024 each, of the Company shall
be entitled to one (1) vote on all matters subject to vote at
general and special meetings of the Company and each Class B
Ordinary Share shall be entitled to fifty-five (55) votes on all
matters subject to vote at general and special meetings of the
Company.
The Share Consolidation will be effective at 5 P.M. on November 29,
2023, U.S. Eastern time. As a result of the Share
Consolidation, each 12 pre-split ordinary shares outstanding will
automatically combine and convert to one issued and outstanding
ordinary share without any action on the part of the shareholders,
and the terms of the outstanding warrants, unit purchase options
and awards under share incentive plans of the Company will be
adjusted automatically without any action on the part of the
holders of those warrants, unit purchase options and awards under
share incentive plans.
Beginning with the opening of trading on November 30, 2023, U.S. Eastern time, the
Company's Class A ordinary shares will begin trading on a
post-Share Consolidation basis on the Nasdaq Capital Market under
the same symbol "UK" but under a new CUSIP number of G9449A 134. 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.
About Ucommune International Ltd
Ucommune is China's leading
co-working office space manager and provider. Founded in 2015,
Ucommune has created a large-scale intelligent office ecosystem
covering economically vibrant regions throughout China to empower its members with flexible and
cost-efficient office space solutions.
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 co-working office space
market; changes in its revenues and certain cost or expense items;
the expected growth of China's
co-working 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