- A 1-for-30 reverse stock split of Meten Holding Group Ltd (NASDAQ: METX) has gone into effect. These are the details.
On April 14, 2022, Meten Holding Group Ltd (NASDAQ: METX) held its extraordinary general meeting of shareholders, at which the company’s shareholders approved a share consolidation or reverse stock split, of the Company’s ordinary shares, par value US$0.0001 per share, at a ratio of 1-for-30, such that every thirty ordinary shares of the company shall be combined into one ordinary share of the Company with a par value of US$0.003 (the “Share Consolidation”).
The share consolidation was effected solely to enable the company to expeditiously meet the continued listing standards of the Nasdaq Stock Market relating to the minimum bid price under Nasdaq Listing Rule 5550(a)(2) and to reduce the risk of the company being automatically delisted from the Nasdaq Capital Market due to the closing bid price of its ordinary shares falling below $1.00 per share for 30 consecutive business days. And the company has until July 5, 2022, to regain compliance with Nasdaq Listing Rule 5550(a)(2).
The share consolidation became effective on May 4, 2022 and will be reflected with the Nasdaq Capital Market and in the marketplace at the opening of business today, whereupon the ordinary shares shall begin trading on a post-consolidation basis. And in connection with the Share Consolidation, the company’s ordinary shares continue to trade on the Nasdaq Capital Market under the symbol “METX” but trade under a new CUSIP Number, G6055H148.
On the effective date, the total number of the company’s ordinary shares held by each shareholder will be converted automatically into the number of whole ordinary shares equal to (i) the number of issued and outstanding ordinary shares held by such shareholder immediately prior to the Share Consolidation, divided by (ii) thirty (30).
No fractional ordinary shares will be issued to any shareholders in connection with the share consolidation. And each shareholder will be entitled to receive one ordinary share in lieu of the fractional share that would have resulted from the share consolidation.
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