HONG
KONG, Dec. 12, 2024 /PRNewswire/ -- MMTEC, Inc.
("MMTEC" or the "Company") (Nasdaq: MTC) reported that it expects
to implement a 1-for-8 reverse stock split on its common stock. The
effective date is scheduled to be December
18, 2024, subject to the Company's satisfaction of Nasdaq
Operations notice requirements, with trading to begin on a
split-adjusted basis at the market open on that day. Trading in the
common stock will continue on the Nasdaq Stock Market under the
symbol "MTC". The new CUSIP number for the common stock following
the reverse stock split will be G6181K122. In the event that the
effective date is delayed, the Company will update the effective
date via a subsequent press release.
The reverse stock split at a ratio of 1-for-8 shares was
approved by the Company's Board of Directors.
Upon the effectiveness of the reverse stock split, every 8
shares of the Company's issued and outstanding common stock will
automatically be converted into one share of issued and outstanding
common stock. No fractional shares will be issued as a result of
the reverse stock split. Instead, any fractional shares that would
have resulted from the split will be rounded up to the next whole
number. The reverse stock split affects all stockholders uniformly
and will not alter any stockholder's percentage interest in the
Company's outstanding common stock, except for adjustments that may
result from the treatment of fractional shares.
In connection with the reverse stock split, the Company filed a
Second Amended and Restated Memorandum of Association with the
Registry of Corporate Affairs of the British Virgin Islands to reduce the
authorized number of shares of the Company's common stock from
5,000,000,000 shares to 625,000,000 shares, the reduction at the
same ratio as its reduction in the issued and outstanding shares of
common stock, and to increase the par value per share from
$0.01 to $0.08. The Board of Directors of the Company
approved the reverse stock split on November
21, 2024. No stockholders' approval of the reverse stock
split is required pursuant to BVI law.
About MMTEC, Inc.
Headquartered in Hong Kong Special Administrative Region, our
Company mainly focuses on investment banking and asset management
business, providing customers with one-stop and all-round financial
services.
More information about the Company can be found at:
www.haisc.com.
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may", "will", "intend", "should", "believe", "expect",
"anticipate", "project", "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's statements
regarding its ability to regain compliance with the Bid Price Rule,
its continued growth, its business outlook, and other similar
statements are forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; reputation and brand;
the impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China and assumptions underlying
or related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission, including the Company's most recently filed Annual
Report on Form 20-F and its subsequent filings. For these reasons,
among others, investors are cautioned not to place undue reliance
upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
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SOURCE MMTEC, Inc.