ReTo Eco-Solutions, Inc. (NASDAQ:RETO) (“ReTo” or the “Company”), a provider of technology solutions and operation services for intelligent ecological environments and roadside assistance services and software development services in China, today announced that on May 9, 2023, its Board of Directors approved a 10:1 share combination of its common shares (“Share Combination”). The Company’s common shares will begin trading on a split adjusted basis on May 12, 2023.
As a result of the Share Combination , each ten (10) pre-split shares of the Company’s common shares will automatically combine into one (1) common share without any action on the part of the holders, the Company’s authorized shares will be changed from 200,000,000 common shares, par value $0.001 per share, to 20,000,000 common shares, par value $0.01 per share, and the Company’s issued and outstanding common shares will be reduced from 53,787,689 to approximately 5,378,769. The Company’s common shares will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “RETO” but will trade under a new CUSIP number – G75271117. 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 the one (1) for ten (10) ratio will automatically be entitled to receive an additional share of the Company’s common share.
The Share Combination will not be submitted to a vote of the Company’s shareholders and 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.
