Ostin Technology Group Co., Ltd. shareholders approved a 1-for-10 reverse share split of the Company’s Class A ordinary shares at an extraordinary general meeting held on November 25, 2024. This corporate action aims to consolidate existing shares into a smaller number of higher-priced shares.
The reverse share split is part of the Company’s efforts to regain compliance with Nasdaq Marketplace Rule 5550(a)(2), which requires a minimum bid price of at least $1.00 per share. The approval allows the company to proceed with the implementation of this measure.
Upon effectiveness, every ten shares of the Company’s issued and outstanding Class A ordinary shares will automatically be combined into one Class A ordinary share. This adjustment will reduce the total number of outstanding Class A ordinary shares from approximately 18.1 million to approximately 1.81 million.
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