Abits Group Inc. announced that its board of directors approved a one-for-fifteen share consolidation of its ordinary and preferred shares on February 13, 2025. The objective of this action is to enable the company to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing.
The share consolidation will become effective with NASDAQ and in the marketplace on March 10, 2025. As a result, each fifteen issued and outstanding ordinary shares and preferred shares will automatically combine into one share.
This action will reduce the number of issued and outstanding ordinary shares from 35,554,677 to approximately 2,370,300, and preferred shares from 5,000,000 to approximately 333,333. The board also approved amending the company's memorandum and articles of association to change the maximum number of authorized shares to an unlimited number of ordinary and preferred shares, effective February 17, 2025.
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