JINJIANG, China, Sept. 2,
2020 /PRNewswire/ -- China Ceramics Co., Ltd. (NASDAQ
Capital Market: CCCL) ("China Ceramics" or the "Company"), a
leading Chinese manufacturer of ceramic tiles used for exterior
siding and for interior flooring and design in residential and
commercial buildings, today announced that its Board of Directors
has set the date of September 3, 2020
to be the effective date for the Company's reverse stock
split. The Company's ordinary shares will begin trading on
the NASDAQ Stock Market on a split-adjusted basis when the market
opens on September 3, 2020. The new
CUSIP number for the Company's common stock following the reverse
split is G2113X159.
The Company's Board of Directors approved a reverse stock split
so as to regain compliance with the minimum bid price requirement
of $1.00 per share for continued
listing on the NASDAQ Stock Market. In order to maintain the
Company's listing on the NASDAQ Capital Market, the Company's
common stock must have a closing bid price of $1.00 or more for a minimum of ten consecutive
trading days by September 21, 2020.
There can be no assurance that following the reverse split, the
Company's common stock will remain above $1.00 per share minimum for the requisite period
as of September 21, 2020 to regain
listing compliance. In the event the Company does not regain
compliance with the minimum bid price requirement, its securities
may be subject to delisting from the NASDAQ Stock Market which, in
turn, will result in significant adverse effect on the value and
liquidity of the Company's securities.
As a result of the reverse stock split, every three issued and
outstanding ordinary shares as of the effective date will
automatically be combined into one issued and outstanding share.
Consequently, the reverse stock split will reduce the number of
outstanding ordinary shares of the Company from approximately 9.2
million shares to approximately 3.1 million shares, and the par
value per share will increase from $0.008 to $0.024.
In lieu of issuing fractional shares, the Company will issue one
full share of the post-reverse stock split common share to any
stockholder who would have been entitled to receive a fractional
share. All outstanding stock options, warrants and other rights to
purchase the Company's ordinary shares will be adjusted
proportionately as a result of the reverse stock split.
Once the reverse stock split becomes effective, shareholders
holding shares through a bank, broker or other nominee will have
their shares automatically adjusted to reflect the reverse stock
split. Beneficial holders may contact their bank, broker or
nominee for more information. Shareholders holding physical
certificates of ordinary shares will receive a letter of
transmittal from the Company's transfer agent, Continental Stock
Transfer & Trust, with specific instructions regarding the
exchange of shares. Please direct any questions to your broker or
the Company's Transfer Agent, Continental Stock Transfer &
Trust, by calling 212-509-4000.
About China Ceramics Co., Ltd.
China Ceramics Co., Ltd. is a leading manufacturer of ceramic
tiles in China. The Company's
ceramic tiles are used for exterior siding, interior flooring, and
design in residential and commercial buildings. China Ceramics'
products, sold under the "Hengda" or "HD", "Hengdeli" or "HDL", the
"TOERTO" and "WULIQIAO" brands, and the "Pottery Capital of Tang
Dynasty" brands, are available in over 2,000 style, color and size
combinations and are distributed through a network of exclusive
distributors as well as directly to large property developers.
Through its wholly-owned subsidiary, Antelope Holdings
(Chengdu), Co., Ltd., the Company
provides fintech solutions which includes the development of
blockchain software. For more information, please visit
http://www.cceramics.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties,
including statements relating to the Company's ability to, among
other things, successfully design, deploy and pursue this expansion
strategy, the Company's ability to complete any agreements with new
customers in the markets in question and add to its overall growth.
Actual events or results may differ materially from the Company's
expectations. Factors that could cause actual results to differ
materially from those stated or implied by the Company's
forward-looking statements are disclosed in its filings with the
Securities and Exchange Commission. These forward-looking
statements represent the Company's judgment as of the time of this
release. The Company disclaims any intent or obligation to update
these forward-looking statements, other than as may be required
under applicable law.
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SOURCE China Ceramics Co., Ltd.