LISHUI, China, Feb. 25,
2022 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech"
or the "Company"), announced today that the Company's Board
approved on February 24, 2022 to
effect a share consolidation of the
Company's common shares at the ratio of one-for-ten with the market
effective date of February 28,
2022.
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.
Beginning with the opening of trading on February 28, 2022, the Company's common shares
will trade on the NASDAQ Capital Market on a split-adjusted basis,
under the same symbol "TANH" but under a new CUSIP Number,
G8675X123.
As a result of the share
consolidation, each ten common shares outstanding will
automatically combine and convert to one issued and outstanding
common share without any action on the part of the shareholder. No
fractional common shares will be issued to any shareholders in
connection with the share
consolidation, and such fractional shares will be redeemed by the
Company.
The share consolidation will
reduce the number of common shares issued and outstanding from
approximately 63,994,606 to approximately
6,399,460(subject to the redemption of the fractional shares
at the closing price of the common shares on February 25, 2022). The authorized number of
common shares will be reduced by the same one-for-ten ratio from
600,000,000 to 60,000,000.
About Tantech Holdings Ltd
For the past decade, Tantech has been a highly specialized
high-tech enterprise producing, researching and developing bamboo
charcoal-based products with an established domestic and
international sales and distribution network. Since 2017, when the
Company acquired 70% of Shangchi Automobile, a vehicle manufacturer
based in Zhangjiagang City, Jiangsu
Province, it has manufactured and sold vehicles. The Company
established two new subsidiaries, Lishui Smart New Energy
Automobile Co., Ltd. and Zhejiang Shangchi New Energy Automobile
Co., Ltd., in November 2020, to
produce and sell street sweepers and other electric vehicles. The
Company is fully ISO 90000 and ISO 14000 certified and has received
a number of national, provincial and local honors, awards and
certifications for its products and scientific research efforts.
The Company's subsidiary, First International Commercial Factoring
(Shenzhen) Co., LTD, is engaged in
commercial factoring for businesses in and related to its supply
chain. For more information please visit: http://ir.tantech.cn.
Forward-Looking Statements
This news release contains forward-looking statements as defined
by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning the sales,
plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulations, and other risks contained in reports filed by the
Company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the Company, are expressly qualified by
this cautionary statement and any other cautionary statements which
may accompany the forward-looking statements. In addition, the
Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof.
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SOURCE Tantech Holdings Ltd.
