Farmmi (FAMI) Stock: 1-For-25 Split Announced

By Amit Chowdhry ● May 27, 2022
  • Farmmi Inc (NASDAQ: FAMI) announced that at the company’s shareholder meeting on May 14, 2022, the proposed consolidation of the company’s ordinary shares was approved at the ratio of 1-for-25 with the market effective date of May 31, 2022. These are the details.

Farmmi Inc (NASDAQ: FAMI) announced that at the company’s shareholder meeting on May 14, 2022, the proposed consolidation of the company’s ordinary shares was approved at the ratio of 1-for-25 with the market effective date of May 31, 2022. The objective of the share consolidation is to enable Farmmi to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing on Nasdaq.

Starting with the opening of trading on May 31, 2022, the company’s ordinary shares will trade on the Nasdaq Capital Market on a split-adjusted basis, under the same symbol “FAMI” but under a new CUSIP Number, G33277123.

As a result of the share consolidation, each 25 ordinary shares outstanding will automatically combine and convert to one issued and outstanding ordinary share without any action on the part of the shareholder. And no fractional ordinary shares will be issued to any shareholders in connection with the share consolidation, and such fractional shares will be redeemed by the company.

The share consolidation will reduce the number of ordinary shares issued and outstanding from approximately 557,980,281 to approximately 22,319,211 (subject to the redemption of the fractional shares at the closing price of the ordinary shares on May 27, 2022). And the authorized number of ordinary shares will be reduced by the same one-for-twenty-five ratio from 600,000,000 to 24,000,000.

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