Nisun International Enterprise Development Group Co., Ltd (“Nisun” or the “Company”) (NASDAQ:NISN) announced today that the Company’s Board of Directors approved on May 2, 2023 to effect a share consolidation of the Company’s common shares at the ratio of one-for-ten with the market effective date of May 18, 2023.
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 Nasdaq.
Beginning with the opening of trading on May 18, 2023, the Company’s Class A Common Shares will trade on the NASDAQ Capital Market on a split-adjusted basis, under the same symbol “NISN” but under a new CUSIP Number, G6593L122.
As a result of the share consolidation, each ten common shares outstanding will automatically combine and convert to one issued and outstanding common share without any action on the part of the shareholder. No fractional common shares will be issued to any shareholders in connection with the share consolidation, and such fractional shares will be redeemed by the Company.
The share consolidation will reduce the number of Class A Common Shares issued and outstanding from approximately 40,057,159 to approximately 4,005,715 (subject to the redemption of the fractional shares at the closing price of the Class A Common Shares on May 17, 2023). The authorized number of common shares will be reduced by the same one-for-ten ratio from 310,000,000 authorized common shares, divided into 300,000,000 Class A Common Shares and 10,000,000 Class B Common Shares, to 31,000,000 common shares, divided into 30,000,000 Class A Common Shares and 1,000,000 Class B Common Shares.
