BEIJING, Jan. 18,
2024 /PRNewswire/ -- Datasea Inc., a Nevada corporation (NASDAQ: DTSS) ("Datasea"
or the "Company"), which engages in the business segments of
U.S.-based intelligent acoustics and China-based 5G messaging technology, today
announced that the Company's Board of Directors has approved a
reverse stock split of its authorized and issued and outstanding
shares of common stock, par value $0.001 per share (the "Common Stock"), at a ratio
of 1-for-15. The Company is effecting the reverse split to regain
compliance with the $1.00 minimum bid
price required for continued listing on The Nasdaq Capital Market
under Nasdaq Listing Rule 5550(a)(2). The reverse stock split does
not require the approval of the Company's stockholders, as it was
approved in accordance with Nevada Revised Statutes Section
78.207.
The reverse stock split is expected to become effective on
January 19, 2024 (the "Effective
Date"), and the shares are expected to begin trading on the
split-adjusted basis on the Nasdaq Stock Exchange ("Nasdaq") under
the Company's existing trading symbol "DTSS" at the market open on
January 23, 2024.
On the Effective Date, every 15 issued and outstanding shares of
the Company's Common Stock will be converted automatically into one
share of the Company's Common Stock without any change in the par
value per share. The total number of shares of Common Stock
authorized for issuance will then be reduced by a corresponding
proportion from 375,000,000 shares to 25,000,000 shares of Common
Stock.
Immediately after the reverse stock split, each stockholder's
percentage ownership interest in the Company and proportional
voting power will remain unchanged, except for minor changes and
adjustments that will result from the rounding up of any fractional
shares to the next whole number of shares. The rights and
privileges of the holders of shares of Common Stock will be
substantially unaffected by the reverse stock split.
West Coast Stock Transfer, Inc. is acting as transfer and
exchange agent for the reverse stock split. Registered shareholders
who hold shares of Common Stock are not required to take any action
to receive post-reverse stock split shares. Stockholders who hold
their shares in brokerage accounts or in "street name" will have
their positions automatically adjusted to reflect the reverse stock
split, subject to each broker's particular processes, and will not
be required to take any action in connection with the reverse stock
split.
About Datasea
Datasea Inc. ("Datasea") is a leading provider of products,
services, and solutions for enterprise and retail customers in
converging and innovative industries, intelligent acoustics and 5G
messaging, especially focusing on ultrasonic, infrasound and
directional sound technology. The Company's advanced research and
development technology serves as the core infrastructure and
backbone for its products. Its 5G Messaging segment operates on a
cloud platform based on artificial intelligence. Datasea leverages
cutting-edge technologies in intelligent acoustics, utilizing
ultrasonic sterilization to combat viruses and prevent human
infections, and is also developing innovations in directional sound
and medical ultrasonic cosmetology. In July
2023, Datasea established a wholly-owned subsidiary, Datasea
Acoustics LLC, in Delaware, in a
strategic move to mark its global presence. This underlies
Datasea's commitment to intelligent acoustics and its intent to
offer leading-edge acoustic solutions to the U.S. market. For
additional information, please visit: www.dataseainc.com.
Cautionary Note Regarding Forward-Looking Statements.
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will", "expects", "anticipates", "future",
"intends", "plans", "believes", "estimates", "target", "going
forward", "outlook," "objective" and similar terms. Such statements
are based upon management's current expectations and current market
and operating conditions, and relate to events that involve known
or unknown risks, uncertainties and other factors, all of which are
difficult to predict and which are beyond Datasea's control, which
may cause Datasea's actual results, performance or
achievements (including the RMB/USD value of its anticipated
benefit to Datasea as described herein) to differ materially and in
an adverse manner from anticipated results contained or implied in
the forward-looking statements. Further information regarding these
and other risks, uncertainties or factors is included in Datasea's
filings with the U.S. Securities and Exchange Commission, which are
available at www.sec.gov. Datasea does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under law.
Investor and Media Contact:
Datasea Inc. Investor relations
Email: investorrelations@shuhaixinxi.com
Precept Investor Relations LLC
David Rudnick
+1 646-694-8538
david.rudnick@preceptir.com
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SOURCE Datasea Inc.