ReTo Eco-Solutions, a provider of technology solutions and operation services for intelligent ecological environments and Internet of Things technology development services in China and other countries, announced that on its board of directors approved a combination of its common shares on a ten-to-one basis (the “Share Combination”). The Company’s common shares will begin trading on a post combination basis on March 1, 2024.
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As a result of the Share Combination, each ten (10) pre-combination common shares of the Company will be automatically combined into one (1) common share without any action on the part of the holders, with par value of the common shares of the Company being changed from $0.01 per share to $0.1 per share, and the Company’s issued and outstanding common shares will be reduced from 37,451,882 to approximately 3,745,189. The Company’s common shares will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “RETO” under a new CUSIP number – G75271125. The Share Combination is intended to increase the market price per share of the Company’s common shares to allow the Company to maintain its Nasdaq listing.
No fractional shares will be issued as a result of the Share Combination. Shareholders who otherwise would be entitled to a fractional share because they hold a number of common shares not evenly divisible by ten will automatically be entitled to receive an additional share of the Company’s common shares.
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The Share Combination will not be submitted to a vote of the Company’s shareholders as a vote was not required under the laws of the British Virgin Islands.
The Company’s transfer agent, VStock Transfer, LLC, will act as the exchange agent. Adjustments made to common shares represented by physical stock certificates can be made upon surrender of the certificate to the transfer agent.
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