See the original press release at PR Newswire.
Qilian International Holding Group Limited (NASDAQ: QLI) has received board approval for a 1 for 5 reverse stock split, set to take effect on June 21, 2024. This strategic move will consolidate every five of our Class A or Class B ordinary shares into a single new share, potentially enhancing our share price. Following the split, we anticipate approximately 4,750,000 Class A and 2,400,000 Class B shares, with our authorized capital revised to 70,000,000 Class A, 20,000,000 Class B, and 10,000,000 preferred shares, each valued at $0.00833335. Fractional shares will be rounded to the nearest whole share, and shareholders will receive new certificates as they tender old ones for exchange. We note that the market price post-reverse split is uncertain and may not align with the consolidation ratio or be maintained over time.
