Recon Technology Announces 1-for-18 Reverse Stock Split
The objective of the reverse stock split is to enable the Company to regain compliance with the NASDAQ Marketplace Rule 5550(a)(2) and maintain its listing on Nasdaq.
Beginning with the opening of trading on
The reverse stock split will reduce the number of Class A ordinary shares issued and outstanding from approximately 141,803,218 to approximately 7,877,956 (subject to adjustment due to the effect of rounding fractional shares into whole shares).
As a result of the reverse stock split, each eighteen pre-split Class A ordinary shares outstanding will automatically combine and convert to one issued and outstanding Class A ordinary share without any action on the part of the shareholder. No fractional ordinary shares will be issued to any shareholders in connection with the reverse stock split. Each shareholder will be entitled to receive one Class A ordinary share in lieu of the fractional share that would have resulted from the reverse stock split.
About Recon Technology, Ltd.
Forward-Looking Statements
Recon includes "forward-looking statements" within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as "scheduled," "may," "will," "could," "should," "would," "expect," "believe," "anticipate," "project," "plan," "estimate," "forecast," "goal," "objective," "committed," "intend," "continue," or "will likely result," and similar expressions that concern Recon's strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those that Recon expected. Many of these statements are derived from Recon's operating budgets and forecasts, which are based on many detailed assumptions that Recon believes are reasonable, or are based on various assumptions about certain plans, activities or events which we expect will or may occur in the future. However, it is very difficult to predict the effect of known factors, and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under "Risk Factors" in Recon's most recent Annual Report on Form 20-F and any subsequent half-year financial filings on Form 6-K filed with the
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