- Class A Ordinary Shares Will Begin Trading on a Split-Adjusted
Basis on September 18, 2023
CHENGDU,
China, Sept. 15, 2023 /PRNewswire/ -- Antelope
Enterprise Holdings Limited (NASDAQ Capital Market: AEHL)
("Antelope Enterprise" or the "Company"), which operates
KylinCloud, a premier livestreaming e-commerce platform that
leverages a network of over 400,000 hosts and influencers across
China, today announced that its
Board of Directors has set the date of September 18, 2023 to be the effective date for
the Company's one-for-ten reverse stock split of its issued and
outstanding ordinary shares. The Company's Class A ordinary
shares will begin trading on the NASDAQ Stock Market on a
split-adjusted basis when the market opens on September 18, 2023. The CUSIP number for the
Company's Class A ordinary shares will be changed to G041JN122.
The Company's Board of Directors approved a reverse stock split
so as to regain compliance with the minimum bid price requirement
of $1.00 per share for continued
listing on the NASDAQ Stock Market. In order to maintain the
Company's listing on the NASDAQ Capital Market, the Company's
common stock must have a closing bid price of $1.00 or more for a minimum of ten consecutive
trading days by January 22, 2024.
There can be no assurance that following the reverse split, the
Company's Class A ordinary shares will remain above $1.00 per share minimum for the requisite period
as of January 22, 2024 to regain
listing compliance. In the event the Company does not regain
compliance with the minimum bid price requirement, its securities
may be subject to delisting from the NASDAQ Stock Market which, in
turn, will result in significant adverse effect on the value and
liquidity of the Company's securities.
As a result of the reverse stock split, every ten issued and
outstanding ordinary shares as of the effective date will
automatically be combined into one issued and outstanding share.
Consequently, the reverse stock split will reduce the total number
of outstanding Class A and Class B ordinary shares of the Company
from approximately 25.4 million shares to approximately 2.5 million
shares. In lieu of issuing fractional shares, the Company will
issue one full share of the post-reverse stock split ordinary share
to any shareholder who would have been entitled to receive a
fractional share. All outstanding stock options, warrants and other
rights to purchase the Company's ordinary shares will be adjusted
proportionately as a result of the reverse stock split.
Once the reverse stock split becomes effective, shareholders
holding shares through a bank, broker or other nominee will have
their shares automatically adjusted to reflect the reverse stock
split. Beneficial holders may contact their bank, broker or
nominee for more information. Please direct any questions to
your broker or the Company's transfer agent, Transhare Corp., by
calling 303-662-1122.
About Antelope Enterprise Holdings Limited
Antelope Enterprise Holdings Limited holds a 51% ownership
position in Hainan Kylin Cloud Services Technology Co., Ltd
("KylinCloud"), which operates a livestreaming ecommerce platform
in China with access 400,000+
hosts and influencers.
For more information, please visit our website
at http://www.aehl-kylin.com/, or follow the Company on
Twitter at https://twitter.com/aehl_ltd. To receive the
Company's public announcements, please
email investor@aehltd.com.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements with respect to our
beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates, intentions, and future performance, and
involve known and unknown risks, uncertainties and other factors,
which may be beyond our control, and which may cause the actual
results, performance, capital, ownership or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements. Forward-looking statements in this press release
include, without limitation, the continued stable macroeconomic
environment in the PRC, the PRC technology sectors continuing to
exhibit sound long-term fundamentals, and our ability to continue
to grow our business management, information system consulting, and
livestreaming ecommerce business. All statements other than
statements of historical fact are statements that could be
forward-looking statements. You can identify these forward-looking
statements through our use of words such as "may," "will,"
"anticipate," "assume," "should," "indicate," "would," "believe,"
"contemplate," "expect," "estimate," "continue," "plan," "point
to," "project," "could," "intend," "target" and other similar words
and expressions of the future.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 20-F for the
year ended December 31, 2022 and otherwise in our SEC
reports and filings. Such reports are available upon request from
the Company, or from the Securities and Exchange Commission,
including through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not
undertake to update, revise or correct any of the forward-looking
statements after the date hereof, or after the respective dates on
which any such statements otherwise are made.
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SOURCE Antelope Enterprise Holdings Ltd.
