NEW YORK, Dec. 26, 2019 /PRNewswire/ -- Recon
Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company")
announced today that the Company's Board approved on December 10, 2019 to effect a reverse stock split
of the Company's ordinary shares at the ratio of one-for-five with
the market effective date of December 27,
2019.
The objective of the reverse stock split is to enable the
Company to regain compliance with the NASDAQ Marketplace Rule
5550(a)(2) and maintain its listing on Nasdaq.
Beginning with the opening of trading on December 27, 2019, the Company's ordinary shares
will trade on the NASDAQ Capital Market on a split-adjusted basis,
under the same symbol "RCON" but under a new CUSIP Number,
G7415M124.
The reverse stock split will reduce the number of ordinary
shares issued and outstanding from approximately 23,049,639 to
approximately 4,609,928 (subject to adjustment due to the effect of
rounding fractional shares into whole shares). The authorized
number of ordinary shares will be reduced by the same one-for-five
ratio to 20,000,000.
As a result of the reverse stock split, each five pre-split
ordinary shares outstanding will automatically combine and convert
to one issued and outstanding ordinary share without any action on
the part of the shareholder. No fractional ordinary shares will be
issued to any shareholders in connection with the reverse stock
split. Each shareholder will be entitled to receive one ordinary
share in lieu of the fractional share that would have resulted from
the reverse stock split.
About Recon Technology,
Ltd.
Recon Technology,
Ltd. (RCON) is China's first non-state-owned
oil and gas field service company listed on NASDAQ. Recon
supplies China's largest oil exploration
companies with advanced automated technologies, efficient
gathering and transportation equipment and reservoir stimulation
measures for increasing petroleum extraction levels, reducing
impurities and lowering production costs. Since 2017, the Company
has expanded its business operations into other segments of the
broader energy industry including electric power, coal chemicals,
renewable energy and environmental protection in the energy and
chemical industries. Through the years, Recon has taken
leading positions on several market segments of the oil and gas
field service industry. Recon also has developed stable long-term
cooperation relationships with its major clients, and its
products and service are well accepted by clients. For additional
information please visit: www.recon.cn.
Safe Harbor Statement
This news release contains forward-looking statements as defined
by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning 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
regulation, 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 the
cautionary statements 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.
IR contact:
Dragon Gate Investment
Partners LLC
Tel: +1(646)-801-2803
Email: RCON@dgipl.com
View original
content:http://www.prnewswire.com/news-releases/recon-technology-announces-1-for--5-reverse-stock-split-300979413.html
SOURCE Recon Technology, Ltd.