BAODING, China, June 27,
2022 /PRNewswire/ -- IT Tech Packaging, Inc.
(NYSE American: ITP) ("IT Tech Packaging" or the "Company"), a
leading manufacturer and distributor of diversified paper products
in North China, announced today
that, its Board of Directors has approved a reverse stock split of
its common stock, par value $0.001
per share (the "Common Stock") at a ratio of 1-for-10 (the "Reverse
Stock Split"). The Reverse Stock Split is expected to become
effective on July 7, 2022 (the
"Effective Date"), and the shares are expected to begin trading on
the split-adjusted basis on the NYSE American under the Company's
existing trading symbol "ITP" at market open on July 8, 2022, upon NYSE American's approval. The
new CUSIP number following the Reverse Stock Split will be46527C
209.
Under Nevada Revised Statutes ("NRS") Section 78.207, the
Company may decrease its authorized shares of its Common Stock and
correspondingly decrease its number of issued and outstanding
shares of Common Stock by resolution adopted by the Board of
Directors, without obtaining the approval of the
stockholders. The Reverse Stock Split will be effected by the
Company filing a Certificate of Change (the "Certificate") pursuant
to NRS Section 78.209 with the Secretary of State of the
State of Nevada on the Effective
Date. As a result of the filing of the Certificate, the
number of shares of the Company's authorized Common Stock will be
reduced from 500,000,000 shares to 50,000,000 shares and the issued
and outstanding number of shares of the Company's common stock will
be correspondingly decreased.
On the Effective Date, the total number of shares of common
stock held by each stockholder of the Company will be converted
automatically into the number of shares of common stock equal to
(i) the number of issued and outstanding shares of Common Stock
held by each such stockholder immediately prior to the Reverse
Stock Split, divided by (ii) 10, with such resulting number of
shares rounded up to the nearest whole share. The Company will
issue one whole share of the post-Reverse Stock Split Common Stock
to any stockholder who otherwise would have received a fractional
share as a result of the Reverse Stock Split. As a result, no
fractional shares will be issued in connection with the Reverse
Stock Split and no cash or other consideration will be paid in
connection with any fractional shares that would otherwise have
resulted from the Reverse Stock Split.
The Reverse Stock Split has no effect on the par value of the
Company's 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 treatment of
fractional shares. The rights and privileges of the holders of
shares of Common Stock will be substantially unaffected by the
Reverse Stock Split.
The Reverse Stock Split is primarily being effected to regain
compliance with certain NYSE American continued listing standards
related to the low price per share of the Company's Common
Stock.
Stockholders who are holding their shares in electronic form at
brokerage firms do not need to take any action, as the effect of
the Reverse Stock Split will automatically be reflected in their
brokerage accounts. Stockholders holding paper certificates may
(but are not required to) send the certificates to the Company's
transfer agent and registrar, Empire Stock Transfer. Empire Stock
Transfer will issue a new stock certificate reflecting the Reverse
Stock Split to each requesting stockholder.
About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading
manufacturer and distributor of diversified paper products and
single-use face masks in North
China. Using recycled paper as its primary raw material
(with the exception of its tissue paper products), ITP produces and
distributes three categories of paper products: corrugating medium
paper, offset printing paper and tissue paper products. With
production based in Baoding and Xingtai in North China's Hebei
Province, ITP is located strategically close to the
Beijing and Tianjin region, home to a growing base of
industrial and manufacturing activities and one of the largest
markets for paper products consumption in the country. ITP has been
listed on the NYSE American since December
2009. For more information, please visit:
http://www.itpackaging.cn/.
Forward-looking Statement
This release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements give our current expectations, opinion,
belief or forecasts of future events and performance. A statement
identified by the use of forward-looking words including "will,"
"may," "expects," "projects," "anticipates," "plans," "believes,"
"estimate," "should," and certain of the other foregoing statements
may be deemed forward-looking statements. These forward-looking
statements are subject to a number of risks, uncertainties and
assumptions, including market and other conditions. More detailed
information about the Company and the risk factors that may affect
the realization of forward-looking statements is set forth in the
Company's filings with the SEC. Investors and security holders are
urged to read these documents free of charge on the SEC's web site
at http://www.sec.gov. The Company undertakes no obligation
to update any such forward-looking statements after the date hereof
to conform to actual results or changes in expectations, except as
required by law..
For more information, please contact:
At the Company
Email: ir@itpackaging.cn
Tel: +86 312 8698215
Investor Relations
Ascent Investor Relations LLC Ms. Tina Xiao
Email: tina.xiao@ascent-ir.com
Tel: +1-917-609-0333
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SOURCE IT Tech Packaging, Inc.