LISHUI, China, Nov. 8, 2022
/PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or
the "Company"), announced today that the Company's Board approved
on October 28, 2022 to effect a share
consolidation of the Company's common shares at the ratio of
one-for-24 with the marketplace effective date of November 9, 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 November 9, 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,
G8675X149.
As a result of the share consolidation, each twenty-four common
shares outstanding will automatically combine and convert to one
issued and outstanding common share without any action on the part
of the shareholders. 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 29,278,601 to approximately 1,219,941
(subject to the redemption of the fractional shares at the closing
price of the common shares on November 8,
2022). The authorized number of common shares will be
reduced by the same one-for-twenty-four ratio from 60,000,000 to
2,500,000.
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.
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.
