SHANGHAI, Aug. 1, 2018 /PRNewswire/ -- JMU Limited (the
"Company" or JMU") (NASDAQ:
JMU), a leading B2B online e-commerce
platform that provides integrated services to suppliers and
customers in the foodservice industry in China, today
announced that it has changed the ratio of its American depositary
shares ("ADSs") to ordinary shares, par value US$0.00001 per share, from one (1) ADS
representing eighteen (18) ordinary shares to one (1) ADS
representing one hundred and eighty (180) ordinary shares,
effective on July 31, 2018.
For JMU's ADS holders, this ratio
change has the same effect as a one-for-ten reverse ADS split. Each
JMU's ADS holder of record is required
to exchange every ten (10) ADSs then held for one (1) new ADS.
There is no change to JMU's underlying
ordinary shares, and JMU's ADS will
continue to trade on NASDAQ under the symbol "JMU."
This ratio change increases the market price per ADS of the
Company, helping the Company to regain compliance with NASDAQ
minimum bid price listing requirement.
About JMU Limited
JMU Limited currently operates China's leading
B2B online e-commerce platform that provides integrated services to
suppliers and customers in the catering industry. With the help of
Internet and cloud technologies, JMU has the vision to
reshape the procurement and distribution pattern and build a fair
business ecosystem in the catering industry
in China. JMU is further promoting the use of its
platform for small- and medium-sized restaurants and restaurant
chains in China.
Through cooperation with national and local industry
associations and reputable restaurant groups
across China, JMU has formed a leading industrial
alliance and has great resource leverage
in China's catering industry. JMU works closely
with suppliers and customers in the catering industry, providing
one-stop procurement services, as well as other value-added
services. For more information, please
visit: http://ir.ccjmu.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"aim", "anticipate", "believe", "estimate", "expect", "going
forward", "intend", "ought to", "plan", "project", "potential",
"seek", "may", "might", "can", "could", "will", "would", "shall",
"should", "is likely to" and the negative form of these words and
other similar expressions. Among other things, statements that are
not historical facts, including statements
about JMU's beliefs and expectations, the business
outlook and quotations from management in this announcement, as
well as JMU's strategic and operational plans, are or
contain forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement, including but not limited to the
following: The general economic and business conditions
in China may deteriorate. The growth of Internet and
mobile user population in China might not be as strong as
expected. JMU's plan to enhance customer experience,
upgrade infrastructure and increase service offerings might not be
well received. JMU might not be able to implement all of
its strategic plans as expected. Competition in China may
intensify further. All information provided in this press release
is as of the date of this press release and are based on
assumptions that we believe to be reasonable as of this date,
and JMU does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Contact:
Luna Zhang
JMU Limited
zhangluna@ccjmu.com
Tel: +86 (021) 6015-1166, ext. 8904
Bill Zima
ICR Inc.
bill.zima@icrinc.com
Tel: +1 (203) 682-8200
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SOURCE JMU Ltd