Borqs Technologies Announces Reverse Stock Split
September 29 2023 - 4:00PM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of 5G wireless and Internet of Things (IoT)
solutions, today announced that its board of directors has approved
a 1-for-12 reverse split for the Company's common stock. The
reverse stock split is anticipated to take effect on October 10,
2023.
Accordingly, at the effective date, every twelve
issued and outstanding shares of the Company's common stock will be
converted into one share of the Company's common stock. The
Company's common stock is expected to begin trading on the Nasdaq
Capital Market on a post-split basis beginning on October 10, 2023,
under a new CUSIP number: G1466B145.
Continental Stock Transfer & Trust Company
is acting as exchange agent for the common stock reverse stock
split and will send instructions to any shareholders of record who
hold stock certificates regarding the exchange of certificates for
common stock. Shareholders who hold their shares in brokerage
accounts or “street name” are not required to take any action to
effect the exchange of their shares following the reverse stock
split. Continental Stock Transfer may be reached for questions at
(212) 509-4000. Any fractional shares as a result of the reverse
stock split will be adjusted upwards.
About Borqs Technologies,
Inc.
Borqs Technologies (Nasdaq: BRQS, “Borqs”, or
the “Company”) is a global leader in software and products for the
IoT, providing customizable, differentiated, and scalable
Android-based smart connected devices and cloud service solutions.
Borqs has achieved leadership and customer recognition as an
innovative end-to-end IoT solutions provider leveraging its
strategic chipset partner relationships as well as its broad
software and IP portfolio. Borqs’ unique strengths include its
Android Licenses which enabled the Company to develop a software IP
library covering chipset software, Android enhancements, domain
specific usage, and system performance optimization, suitable for
large and low volume customized products, and is also currently in
development of 5G products for phones and hotspots. Website:
www.borqs.com.
Forward-Looking Statements and
Additional Information
This press release includes “forward-looking
statements” that involve risks and uncertainties that could cause
actual results to differ materially from what is expected. Words
such as “forecasts”, “expects”, “believes”, “anticipates”,
“intends”, “estimates”, “predicts”, “seeks”, “may”, “might”,
“plan”, “possible”, “should”, “estimates” and variations and
similar words and expressions are intended to identify such
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Such forward-looking
statements relate to future events or future results, based on
currently available information and reflect our management’s
current beliefs. Many factors could cause actual events or results
to differ materially from the events and results discussed in the
forward-looking statements, including the possibility that
compliance with the Nasdaq rule as described herein may be not
regained, so the reader is advised to refer to the Risk Factors
sections of the Company’s filings with the Securities and Exchange
Commission for additional information identifying important factors
that could cause actual results to differ materially from those
anticipated in the forward-looking statements. Except as expressly
required by applicable securities law, the Company disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
Investor Contact:
Sandra DouVice President of Corporate
FinanceBorqs Technologies, Inc.IR@borqs.comwww.borqs.com
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