ATIF Holdings Limited Announces 5 for 1 Reversed Stock Split
19 August 2021 - 10:00PM
ATIF Holdings Limited (Nasdaq: ATIF, the “Company”), a holding
group providing business and financial consulting in Asia and North
America, today announced that on August 12, 2021, the Board of
Directors of the Company approved a reverse stock split (the
“Reverse Split”) of its authorized, issued and outstanding ordinary
shares, par value $0.001 per share, at a ratio of 5-for-1 so that
every five (5) shares currently authorized and issued is combined
into one (1) share. Shareholders otherwise entitled to receive a
fractional share as a result of the Reverse Split will receive a
whole share in lieu of such fractional share. In connection with
the Reverse Split, a vote of the shareholders of the Company is not
required and as such, no shareholder vote or meeting of
shareholders will be held.
The Reverse Split will be effected by filing
amendments to the Company’s Memorandum and Articles of Association
with the Registrar of Corporate Affairs of the British Virgin
Islands. The Company intends to file the amendments with the
Registrar of Corporate Affairs of the British Virgin Islands on
August 27, 2021, and it is anticipated that the ordinary shares
will begin trading on the Nasdaq Capital Market on a split-adjusted
basis when the market opens on August 30, 2021.
The Company is effecting the Reverse Split in
order to maintain its listing on The Nasdaq Stock Market
(“Nasdaq”). As previously disclosed, on July 26, 2021, the Company
received notice from the Listing Qualifications Department of
Nasdaq indicating that the Company is not in compliance with the
minimum bid price requirement of US$1.00 per share under the Nasdaq
Listing Rules. We believe that the proposed Reverse Split will
assist the Company in regaining compliance under the Nasdaq Listing
Rules.
Both before and after the Reverse Split, the
Company is and will be authorized to issue 100,000,000 ordinary
shares and per share par value will be $0.005. As a result of the
Reverse Split, the Company’s issued and outstanding ordinary shares
will be reduced from 45,806,952 to approximately 9,161,390.
Shareholders holding certificated shares will
receive information from Transhare Securities Transfer and
Registrar regarding the process for exchanging their stock
certificates. Shareholders who hold their shares in book-entry form
or in “street name” (through a broker, bank or other holder of
record) will not be required to take any action.
About ATIF Holdings Limited
ATIF Holdings Limited ("ATIF") is a holding
group with business consulting, asset management and investment
business with business centers located in Los Angeles, California,
and in Hong Kong and Shenzhen, China. ATIF mainly provides IPO
Advisory Services to small and medium-sized enterprises in Asia and
North America. ATIF has advised several enterprises in China in
their plans to become publicly listed in the U.S. ATIF was awarded
the "Top 10 Best Listed Companies 2019" from the "Golden Bauhinia
Award", the highest award in Hong Kong's financial and securities
industry. For more information, please
visit https://ir.atifchina.com/.
Forward-Looking
StatementsCertain statements made in this release are
“forward looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,”
“will,” “should,” “future,” “propose” and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
These forward-looking statements, including but not limited to that
ATIF will be able to maintain its listing on The Nasdaq Stock
Market, are not a guarantee of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company’s control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. The Company undertakes no
obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions you that actual results may differ materially from the
anticipated results expressed or implied by the forward-looking
statements we make. You should not rely upon forward-looking
statements as predictions of future events. Forward-looking
statements represent our management’s beliefs and assumptions only
as of the date such statements are made. These forward-looking
statements are made as of the date of this news release.
Media contact:
Anna Huang
+86-139-2726-7157
anna@atifchina.com
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