BEIJING, May 12, 2023
/PRNewswire/ -- 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 its
common shares will begin trading on a post-share combination basis
on the Nasdaq Capital Market ("Nasdaq") on May 15, 2023 instead of May 12, 2023 as previously announced.
On May 9, 2023, ReTo's Board of
Directors approved a 10:1 share combination of its common shares
("Share Combination"). 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 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.
About ReTo Eco-Solutions, Inc.
Founded in 1999, ReTo, through its proprietary technologies,
systems and solutions, is striving to bring clean water and fertile
soil to communities worldwide. The Company, through its operating
subsidiaries in China, is engaged
in the manufacture and distribution of eco-friendly construction
materials (aggregates, bricks, pavers and tiles), made from mining
waste (iron tailings), as well as equipment used for the production
of these eco-friendly construction materials. In addition, the
Company provides consultation, design, project implementation and
construction of urban ecological protection projects and parts,
engineering support, consulting, technical advice and service, and
other project-related solutions for its manufacturing equipment and
environmental protection projects. The Company also offers roadside
assistance services and software development services utilizing
Internet of Things technologies. For more information, please
visit: http://en.retoeco.com.
Forward-Looking Statements
This press release contains forward-looking statements.
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. Our actual results may differ
materially and adversely from those expressed in any
forward-looking statements as a result of various factors and
uncertainties. For example, there can be no assurance that we will
be able to regain compliance and maintain our listing on Nasdaq.
The reports filed by the Company with the Securities and Exchange
Commission (the "SEC") discuss these and other import factors and
risks that may affect the Company's business, results of operations
and financial conditions. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
For more information, please contact:
ReTo Eco-Solutions, Inc.
Angela Hu
Beijing Phone: +86-010-64827328
ir@retoeco.com or 310@reit.cc
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SOURCE ReTo Eco-Solutions, Inc.