Society Pass Incorporated Announces 1-for-15 Reverse Split
26 Avril 2024 - 10:50PM
Society Pass Inc. (Nasdaq: SOPA) (“SOPA” or the “Company”),
Southeast Asia’s (SEA) next generation, e-commerce ecosystem, today
announced that the board approved a proposed 1-for-15 shares
reverse split of its common stock (the "Reverse Split").
Beginning with the opening of trading on May 1, 2024, the
Company's common stock will begin trading on a post-Reverse Split
basis on the Nasdaq Capital Market under the same symbol "SOPA",
but under a new CUSIP number of 83370P201. The objective of the
Reverse Split is to enable the Company to regain compliance with
Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing on the
Nasdaq Capital Market.
Upon the effectiveness of the Reverse Split, every fifteen
issued and outstanding shares of common stock with a par value
of US$0.0001 each will automatically be consolidated into
one issued and outstanding common stock with a par value
of US$0.0001 each. No fractional shares will be issued as
a result of the Reverse Split. Instead, any fractional shares that
would have resulted from the Reverse Split will be rounded up to
the next whole number. The Reverse Split affects all shareholders
uniformly and will not alter any shareholder's percentage interest
in the Company's outstanding common stock, except for adjustments
that may result from the treatment of fractional shares. The
Reverse Split will also reduce the number of authorized shares by
the same ratio as the Reverse Split. The Reverse Split was approved
by the Company's board of directors. The Company has filed a
certificate of change with the Secretary of State of Nevada.
About Society Pass Inc.Founded in 2018 as an
e-commerce ecosystem in the fast growing markets of Vietnam,
Indonesia, Philippines, Singapore and Thailand, which account for
more than 80% of the SEA population, and with offices located in
Bangkok, Ho Chi Minh City, Jakarta, Manila, and
Singapore, Society Pass
Incorporated (Nasdaq: SOPA) is an
acquisition-focused holding company operating interconnected
verticals (loyalty, digital media, travel, telecommunications, and
lifestyle) throughout SEA.
Cautionary Note Concerning Forward-Looking
StatementsThis press release may include “forward-looking
statements,” within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. All statements other than statements of
historical fact included in this press release are forward-looking
statements. When used in this press release, words such as
“anticipate”, “believe”, “estimate”, “expect”, “intend” and similar
expressions, as they relate to us or our management team, identify
forward-looking statements. Such forward-looking statements are
based on the beliefs of management, as well as assumptions made by,
and information currently available to, the Company’s management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company’s filings with the SEC. All subsequent
written or oral forward-looking statements attributable to us or
persons acting on our behalf are qualified in their entirety by
this paragraph. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of the Company,
including those set forth in the Risk Factors section of the
Company’s registration statement and prospectus relating to the
Company’s initial public offering filed with the SEC. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Media Contact:Rokas SidlauskasChief Marketing
Officerrokas@thesocietypass.com
Society Pass (NASDAQ:SOPA)
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