WUHAN CITY, China, Oct. 21,
2019 /PRNewswire/ -- Kingold Jewelry, Inc. ("Kingold" or
the "Company") (NASDAQ: KGJI), one of China's leading manufacturers and designers of
high quality 24-karat gold jewelry, ornaments and
investment-oriented products, today announced, the Board of
Directors and a majority of the shareholders of Kingold, approved
on September 26, 2019 and
October 7, 2019, respectively, a
1-for-6 reverse stock split of the Company's issued and outstanding
shares of common stock (the "Reverse Stock Split").
As of October 21, 2019
(immediately prior to the Effective Date), there were 66,113,502
shares of common stock outstanding. As a result of the Reverse
Stock Split, there are approximately 11,018,917 shares of common
stock outstanding (subject to adjustment due to the effect of
rounding fractional shares into whole shares). The Reverse Stock
Split will not have any effect on the stated par value of the
common stock. The Company has included additional detail in
regards to the Reverse Stock Split in a Form 8-K filed with the
Securities and Exchange Commission at www.sec.gov.
Reason for the Reverse Stock Split
The Reverse Stock Split was effected solely to enable the
Company to expeditiously meet the NASDAQ continued listing
standards relating to the minimum bid price (which the Company was
previously advised it was in non-compliance with) and to reduce the
risk of the Company being automatically delisted from the NASDAQ
Capital Market due to the closing bid price of its common stock
falling below $1.00 per share for 30
consecutive business days, which typically triggers the NASDAQ to
begin delisting procedures regarding a listed company's
securities.
About Kingold Jewelry, Inc.
Kingold Jewelry, Inc. (NASDAQ: KGJI), centrally located in
Wuhan City, one of China's largest cities, was founded in 2002
and today is one of China's
leading designers and manufacturers of 24-karat gold jewelry,
ornaments, and investment-oriented products. The Company sells both
directly to retailers as well as through major distributors across
China. Kingold has received
numerous industry awards and has been a member of the Shanghai Gold
Exchange since 2003. For more information, please visit
www.kingoldjewelry.com.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are
subject to the safe harbors created under the Securities Act of
1933, as amended, and the Securities Exchange Act of 1934, as
amended. You can identify these forward - looking statements by
words such as "expects," "believe," "project," "anticipate," or
similar expressions. The forward-looking statements in this release
include statements regarding Kingold's outlook with respect to its
2019 outlook for gold processing. Readers are cautioned that actual
results could differ materially from those expressed in any
forward-looking statements. Forward-looking statements are subject
to a number of risks, including those contained in Kingold's SEC
filings available at www.sec.gov, including Kingold's most
recent Annual Report on Form 10-K and Quarterly Reports on Form
10-Q. Readers are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date on
which they are made. Kingold undertakes no obligation to update or
revise any forward-looking statements for any reason.
Company Contact
Kingold Jewelry, Inc.
Bin Liu, CFO
Phone: +1-847-660-3498 (US) / +86-27-6569-4977 (China)
bl@kingoldjewelry.com
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior (in US)
Phone: +212 836-9606
aprior@equityny.com
Lucy Ma (in China)
Phone: 86-10 5661 7012
lma@equityny.com
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SOURCE Kingold Jewelry, Inc.
