LISHUI, China, March 12,
2025 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the
"Company") (NASDAQ: FAMI) announced today that at the Company's
annual general meeting on February 25,
2025, shareholders approved a consolidation of the Company's
authorized shares at the ratio of one-for-twelve. The share
consolidation will become effective with NASDAQ ("Nasdaq") and in
the marketplace on March 17,
2025.
The objective of the share consolidation is to enable the
Company to regain compliance with Nasdaq Marketplace Rule
5550(a)(2) and maintain its listing on Nasdaq. The Company
continues to meet all other listing standards.
Beginning with the opening of trading on March 17, 2025, the Company's ordinary shares
will trade on the Nasdaq Capital Market on a split-adjusted basis,
under the same symbol "FAMI" but under a new CUSIP Number,
G33277149.
As a result of the share consolidation, each twelve ordinary
shares outstanding will automatically combine and convert to one
issued and outstanding ordinary share without any action required
on the part of shareholders. No fractional ordinary shares will be
issued to any shareholders in connection with the share
consolidation. Any fractional shares will instead be redeemed by
the Company.
The share consolidation will reduce the number of the Company's
issued and outstanding ordinary shares from 15,007,123 to
approximately 1,250,500 (subject to the redemption of the
fractional shares at the closing price of the ordinary shares on
March 17, 2025). The number of the
Company's authorized shares is reduced by the same one-for-twelve
ratio from 500,000,000 to 41,666,667 ordinary shares. As a result
of the share capital increase approved by the shareholders, the
Company is authorized to issue 5,000,000,000 ordinary shares of
$2.40 par value each.
About Farmmi, Inc.
Established in 1998, Farmmi Inc. (Nasdaq: FAMI) is an
agricultural products supplier, processor and retailer of edible
mushrooms like Shiitake and Mu Er, as well as other agricultural
products. Farmmi sells its products both online and offline. For
further information about the Company, please visit Farmmi's
website.
Forward-Looking Statements
No statement made in this press release should be interpreted as
an offer to purchase or sell any security. Such an offer can only
be made in accordance with the Securities Act of 1933, as amended,
and applicable state securities laws. Certain statements in this
press release concerning our future growth prospects are
forward-looking statements regarding our future business
expectations and intended to qualify for the "safe harbor" under
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from those in such forward-looking statements. The risks and
uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding lingering effects of
the Covid-19 pandemic on our customers' businesses and our end
purchasers' disposable income, our ability to raise capital on any
particular terms, fulfillment of customer orders, fluctuations in
earnings, fluctuations in foreign exchange rates, our ability to
manage growth, our ability to realize revenue from expanded
operation and acquired assets in China, our ability to attract and retain
skilled professionals, client concentration, industry segment
concentration, and general economic conditions affecting our
industry. Additional risks that could affect our future operating
results are more fully described in our United States Securities
and Exchange Commission filings. These filings are available at
www.sec.gov. Farmmi may, from time to time, make additional written
and oral forward-looking statements, including statements contained
in the Company's filings with the Securities and Exchange
Commission and our reports to shareholders. In addition, please
note that any forward-looking statements contained herein are based
on assumptions that we believe to be reasonable as of the date of
this press release. The Company does not undertake to update any
forward-looking statements that may be made from time to time by or
on behalf of the Company unless it is required by law.
For more information, please contact Investor
Relations:
Farmmi, Inc.
Investor Relations
Tel: +86-0578-82612876
ir@farmmi.com
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SOURCE Farmmi, Inc.
