BEIJING, July 7, 2022
/PRNewswire/ -- MMTEC, Inc. ("MMTEC" or the "Company") (Nasdaq:
MTC) reported that it expects to implement a 1-for-10 reverse stock
split on its common stock. The effective date is scheduled to be
Wednesday, July 13, 2022, 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 G6181K114. 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-10 shares was
approved by the Company's Board of Directors.
Upon the effectiveness of the reverse stock split, every 10
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 will
file an Amended and Restated Articles of Association with the
Financial Services Commission of the British Virgin Islands to reduce the
authorized number of shares of the Company's common stock from
500,000,000 shares to 50,000,000 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
$0.001 to $0.01. The Board of Directors of the Company
approved the reverse stock split on July 1,
2022. No stockholders' approval of the reverse stock split
is required pursuant to BVI law.
About MMTEC, Inc.
Headquartered in Beijing,
China, our Company develops and deploys a series of
platforms, which comprise a business chain that enables Chinese
language speaking hedge funds, mutual funds, registered investment
advisors, proprietary trading groups, and brokerage firms to engage
in securities market transactions and settlements globally. In
2020, the company used internally designed and built system with
the US brokerage license and the Cayman fund management
qualification to form a series of MOM funds, with the main goal of
discovering small and medium-sized institutional investors and
helping them set up the fund to issue securities fund products.
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 continued growth, 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.
CONTACT: Jessie Chang,
jessie@haisc.com, +86 10 5617 2312
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SOURCE MMTEC, Inc.