BEIJING - ReTo Eco-Solutions, Inc. (NASDAQ:RETO), a company specializing in ecological and IoT technology solutions, has announced a ten-for-one share combination approved by its board of directors on February 1, 2024. The share consolidation is set to take effect on March 1, 2024, on the Nasdaq Capital Market.
Following the combination, every ten existing common shares will merge into one new common share, consequently reducing the total number of issued and outstanding common shares from approximately 37.45 million to about 3.75 million. The par value per share will adjust from $0.01 to $0.1. This strategic move aims to elevate the market price per share to comply with Nasdaq's listing requirements.
Shareholders will not receive fractional shares if their holdings do not divide evenly by ten. Instead, they will be rounded up to the nearest whole share. The share combination will not go to shareholder vote as it is not mandated under British Virgin Islands law, where the company is incorporated.
ReTo's transfer agent, VStock Transfer, LLC, will manage the exchange of shares. Shareholders with physical stock certificates will need to surrender them to the transfer agent for adjustment. The new shares will trade under a new CUSIP number “G75271125”.
ReTo Eco-Solutions focuses on providing technology solutions for intelligent ecological environments, manufacturing eco-friendly construction materials from mining waste, and offering IoT technology development services.
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