LISHUI, China, Oct. 31,
2022 /PRNewswire/ -- Tantech Holdings Ltd
(NASDAQ: TANH) ("Tantech" or the "Company"), announced today that
on October 28, 2022, it received
notification from The Nasdaq Stock Market LLC ("NASDAQ") confirming
the Company has been granted an additional 180 calendar day period
for compliance under its minimum bid price requirement through
April 24, 2023. To regain compliance
with NASDAQ's minimum bid price requirement, the closing bid price
of the Company's common shares needs to be at least $1.00 per share or greater for at least ten
consecutive business days by April 24,
2023.
On October 28, 2022, the Company's
Board of Directors approved a consolidation of the Company's
authorized shares, including all issued shares, at the ratio of
one-for-twenty-four (the "Reverse Share Split"), an amendment and
restatement to the Company's Memorandum and Articles of Association
(the "Amended and Restated M&A") and related filings with the
BVI Registrar of Corporate Affairs. No additional shareholder
approval is required pursuant to the BVI Business Companies Act (as
revised). The Reverse Stock Split is expected to be effective upon
the filing of the Amended and Restated M&A and a notice of the
Change of Authorized Shares with the BVI Registrar on or around
November 4, 2022, and the Company
anticipates the trading of its common shares on a split-adjusted
basis to begin soon thereafter on a date approved by the NASDAQ.
Following the Reverse Share Split, the Company's common shares will
continue to trade on the NASDAQ under the symbol "TANH" but will
trade under a new CUSIP. The Reverse Share Split is expected to
increase the market price per share of the Company's common shares
in order to comply with the NASDAQ continued listing standards
relating to the minimum bid price.
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.
For more information, please contact:
Tantech Holdings Ltd
Investor Relations
Tel: +86 (578) 226-2305
ir@tantech.cn
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SOURCE Tantech Holdings Ltd.
