U-BX Technology Ltd. Announces Effective Date of Reverse Stock Split
25 November 2024 - 11:00PM
U-BX Technology Ltd. (the "Company" or "U-BX") (NASDAQ:UBXG), a
leading company providing value-added services using
artificial intelligence-driven technology to businesses within
the insurance industry, including insurance carriers and brokers,
today announced that it has resolved to effect a reverse stock
split of the Company’s ordinary shares and has determined the ratio
to be 1-for-16. At the Company’s annual meeting of shareholders
held on October 24, 2024, the Company’s shareholders approved a
reverse stock split and granted the Company’s Board of Directors
the authority to determine the exact split ratio and on November 2,
2024, the Company’s Board of Directors determined the ratio to be
1-for-16. U-BX’s ordinary shares will begin trading on an adjusted
basis giving effect to the reverse stock split on November 27, 2024
under the existing ticker symbol “UBXG”. The new CUSIP number of
the Company’s ordinary shares will be G9161K112.
When the reverse stock split is effective, every
sixteen shares of the Company's ordinary shares issued and
outstanding as of the effective date will be automatically combined
into one ordinary share. This will reduce the number of outstanding
ordinary shares of U-BX from 29.7 million to approximately 1.9
million. Concurrently with the reverse stock split, the Company
amended its Memorandum of Association to proportionately reduce the
number of authorized ordinary for issuance and change the par value
of post-reverse stock split ordinary shares to $0.0016 per
share.
No fractional shares will be issued in
connection with the reverse stock split. Shareholders otherwise
entitled to receive a fractional share as a result of the reverse
stock split will receive one full share.
Additional information concerning the reverse
stock split can be found in U-BX's notice of annual general meeting
filed with the Securities and Exchange Commission on October 8,
2024.
About U-BX Technology Ltd.
Headquartered in Beijing, U-BX Technology Ltd.
is a provider of insurance technology in China. The Company focuses
on providing value-added services using artificial
intelligence-driven technology to businesses within the insurance
industry. The Company's services and products primarily include: 1)
Digital promotion services. The Company helps institutional clients
boost their social media visibility and generate revenue through
consumer engagement and client promotions. 2) Risk assessment
services. The Company has developed a unique algorithm named "Magic
Mirror" that calculates payout risks for auto insurance coverage
based on vehicle information. Insurance carriers purchase the
personalized risk reports generated by the algorithm. Magic Mirror
utilizes AI and optical character recognition technology to produce
detailed risk assessments, including accident likelihood, potential
claims, and estimated settlement amounts. and 3) Value-added
bundled benefits to insurance carriers. The benefits packages
include auto maintenance services, auto value added services,
vehicle moving notification services etc. For more information,
please visit: https://www.u-bx.com/.
Safe Harbor Statement
This announcement contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy, and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. 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 investors that actual results may differ
materially from the anticipated results.
For more information, please contact:
U-BX Technology Ltd.
Investor Relations Department
ir@u-bx.com
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