BEIJING, Feb. 27,
2024 /PRNewswire/ -- ReTo Eco-Solutions, Inc.
(Nasdaq: RETO) ("ReTo" or the "Company"), a provider
of technology solutions and operation services for intelligent
ecological environments and Internet of Things technology
development services in China and
other countries, today announced that on February 1, 2024, 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.
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.
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. Please contact VStock Transfer,
LLC for further information at (212) 828-8436.
About ReTo Eco-Solutions, Inc.
Founded in 1999, ReTo Eco-Solutions, Inc., through its
proprietary technologies, systems and solutions, is striving to
bring clean water and fertile soil to communities worldwide. The
Company, through its operating subsidiaries in China, is engaged in the ecological
restoration and solid waste treatment, manufacturing and
distribution of eco-friendly construction materials (aggregates,
bricks, pavers and tiles) made from mining waste (iron tailings),
and soil remediation materials transformed from solid waste (iron
tailings), as well as equipment used for the production of these
eco-friendly construction materials and soil remediation materials.
In addition, the Company provides consultation, design, project
implementation and construction of urban ecological protection
projects and parts, engineering support, consulting, technical
advice and service, and other project-related solutions for its
manufacturing equipment and environmental protection projects. The
Company also offers roadside assistance services and technology
development services utilizing Internet of Things technologies. For
more information, please visit: http://en.retoeco.com.
Forward-Looking Statements
This press release contains forward-looking statements.
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. Our actual results may differ
materially and adversely from those expressed in any
forward-looking statements as a result of various factors and
uncertainties. For example, there can be no assurance that we will
be able to regain compliance and maintain our listing on Nasdaq.
The reports filed by the Company with the Securities and Exchange
Commission discuss these and other import factors and risks that
may affect the Company's business, results of operations and
financial conditions. For these reasons, among others, investors
are cautioned not to place undue reliance upon any forward-looking
statements in this press release. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
ReTo
Eco-Solutions, Inc.
Angela Hu
Tel: +86-010-64827328
Email: ir@retoeco.com or 310@reit.cc
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SOURCE ReTo Eco-Solutions, Inc.