HONG
KONG, Nov. 16, 2023 /PRNewswire/ -- Infobird
Co., Ltd (NASDAQ: IFBD) ("Infobird" or the "Company"), a
software-as-a-service provider of innovative AI-powered, or
artificial intelligence enabled, customer engagement solutions,
today announced that the annual general meetings of the
shareholders held on Wednesday, November 15,
2023, at Unit 532A, 5/F, Core Building 2, No. 1 Science Park
West Avenue, Hong Kong Science Park, Tai Po, N.T., Hong Kong, approved the proposed 1-for-20
share consolidation of its ordinary shares of US$0.025 par value each (the "Share
Consolidation") and increase of the Company's authorized share
capital (the "Increase of Authorized Shares") immediately after the
Share Consolidation takes effect.
Beginning with the opening of trading on November 20, 2023, the Company's ordinary shares
will begin trading on a post-Share Consolidation basis on the
Nasdaq Capital Market under the same symbol "IFBD", but under a new
CUSIP number of G47724128. The objective of the Share Consolidation
is to enable the Company to regain compliance with Nasdaq
Marketplace Rule 5550(a)(2) and maintain its listing on the Nasdaq
Capital Market.
Upon the effectiveness of the Share Consolidation, every twenty
issued and outstanding ordinary shares of a par value of
US$0.025 each will automatically be
consolidated into one issued and outstanding ordinary share of a
par value of US$0.50 each. No
fractional shares will be issued as a result of the Share
Consolidation. Instead, any fractional shares that would have
resulted from the Share Consolidation will be rounded up to the
next whole number. The Share Consolidation affects all shareholders
uniformly and will not alter any shareholder's percentage interest
in the Company's outstanding ordinary shares, except for
adjustments that may result from the treatment of fractional
shares. Upon the effectiveness of the Increase of Authorized
Shares, the Company's authorized share capital is increased from
US$25,000,000 divided into 50,000,000
ordinary shares of a par value of US$0.50 each to US$25,000,000,000 divided into 50,000,000,000
shares of a par value of US$0.50
each, by the creation of an additional 49,950,000,000 ordinary
shares, of a par value of US$0.50
each.
The Share Consolidation and the Increase of Authorized Shares
was approved by the Company's board of directors on October 26, 2023 and its shareholders on
November 15, 2023. The Company has
filed a Fifth Amended and Restated Memorandum and Articles of
Association with the Cayman Islands Registrar of Companies.
About Infobird Co., Ltd
Infobird Co., Ltd. (Nasdaq: IFBD), is a software-as-a-service
provider of innovative AI-powered, or artificial intelligence
enabled, customer engagement solutions. For more information,
please visit http://www.infobird.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Among other things, the business outlook and quotations
from management in this press release, as well as the Company's
strategic and operational plans, contain forward-looking
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K,
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement, including but not limited to the
following: the Company's goals and strategies; the Company's future
business development, financial condition and results of
operations; and the Company's expectations regarding demand for and
market acceptance of its products and services. Further information
regarding these and other risks is included in the Company's annual
report on Form 20-F and current report on Form 6-K and other
documents filed with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
laws.
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SOURCE Infobird Co., Ltd
