Asset Entities Inc. Announces Reverse Stock Split to Regain Compliance with Nasdaq’s Minimum Bid Price
June 28 2024 - 7:00AM
Asset Entities Inc. (“Asset Entities” or
the “Company”) (NASDAQ: ASST), a provider of digital
marketing and content delivery services across Discord and other
social media platforms, and a Ternary Payment Platform company,
today announced a 1-for-5 reverse stock split (the “Reverse Stock
Split”) of its class A common stock, $0.0001 par value per share
(the “Class A Common Stock”), and its class B common stock, $0.0001
par value per share (the “Class B Common Stock” and together with
the Class A Common Stock, the “common stock”).
The Company’s Class B Common Stock will continue
to trade on The Nasdaq Capital Market tier of The Nasdaq Stock
Market LLC (“Nasdaq”) under the symbol “ASST” and will begin
trading on a split-adjusted basis when the market opens on Tuesday,
July 2, 2024. The new CUSIP number for the Company’s Class B Common
Stock following the Reverse Stock Split will be 04541A204.
The Reverse Stock Split is intended to enable
the Company to regain compliance with the minimum bid price
requirement for continued listing on Nasdaq.
As a result of the Reverse Stock Split, every 5
shares of the Company’s issued and outstanding common stock as of
the effective time will be combined into one share of common stock.
In addition, the Reverse Stock Split will effect a reduction in the
number of shares issuable pursuant to the Company’s equity awards,
warrants and convertible preferred stock outstanding as of the
effective time of the Reverse Stock Split with a corresponding
increase in the exercise or conversion price per share. The par
value and other terms of the Company’s common stock are not
affected by the Reverse Stock Split. Also as a result of the
Reverse Stock Split, the number of the Company’s authorized shares
of Class A Common Stock and Class B Common Stock will be
proportionally reduced from 10,000,000 and 190,000,000,
respectively, to 2,000,000 and 38,000,000, respectively.
No fractional shares will be issued in
connection with the Reverse Stock Split. Fractional shares
resulting from the Reverse Stock Split will be rounded up to the
nearest whole share. VStock Transfer, LLC is acting as transfer and
exchange agent for the Reverse Stock Split. Registered stockholders
are not required to take any action to receive post-Reverse Stock
Split shares. Stockholders who are holding their shares in
electronic form at brokerage firms do not have to take any action
as the effect of the Reverse Stock Split will automatically be
reflected in their brokerage accounts.
Additional information about the Reverse Stock
Split can be found in the Company’s Current Report on Form 8-K
filed with the Securities and Exchange Commission (the “SEC”) on
June 28, 2024, which is available free of charge at the SEC’s
website, www.sec.gov, and on the Company’s website at
assetentities.com.
About Asset Entities, Inc.
Asset Entities Inc. is a technology company
providing social media marketing, management, and content delivery
across Discord, TikTok, Instagram, X (formerly Twitter), YouTube,
and other social media platforms. Asset Entities is believed to be
the first publicly traded Company based on the Discord platform,
where it hosts some of Discord’s largest social community-based
education and entertainment servers. The Company’s AE.360.DDM suite
of services is believed to be the first of its kind for the Design,
Development, and Management of Discord community servers. Asset
Entities’ initial AE.360.DDM customers have included businesses and
celebrities. The Company also has its Ternary payment platform that
is a Stripe-verified partner and CRM for Discord communities. The
Company’s Social Influencer Network (SiN) service offers
white-label marketing, content creation, content management, TikTok
promotions, and TikTok consulting to clients in all industries and
markets. The Company’s SiN influencers can increase the social
media reach of client Discord servers and drives traffic to their
businesses. Learn more at assetentities.com, and follow the Company
on X (formerly Twitter) at @assetentities.
Important Cautions Regarding Forward-Looking
Statements
This press release contains forward-looking
statements. In addition, from time to time, representatives of the
Company may make forward-looking statements orally or in writing.
These forward-looking statements are based on expectations and
projections about future events, which are derived from the
information currently available to the Company. Such
forward-looking statements relate to future events or the Company’s
future performance, including its financial performance and
projections, growth in revenue and earnings, and business prospects
and opportunities. Forward-looking statements can be identified by
those statements that are not historical in nature, particularly
those that use terminology such as “may,” “should,” “expects,”
“anticipates,” “contemplates,” “estimates,” “believes,” “plans,”
“projected,” “predicts,” “potential,” or “hopes” or the negative of
these or similar terms. In evaluating these forward-looking
statements, you should consider various factors including those
that are described in the section titled “Risk Factors” in the
Company’s periodic reports which are filed with the Securities and
Exchange Commission. These and other factors may cause the
Company’s actual results to differ materially from any
forward-looking statement. Forward-looking statements are only
predictions. The forward-looking statements contained in this press
release are made as of the date of this press release, and the
Company does not undertake any responsibility to update the
forward-looking statements in this release, except in accordance
with applicable law.
Company Contacts:
Arshia Sarkhani, President and Chief Executive OfficerMichael
Gaubert, Executive ChairmanAsset Entities Inc.Tel +1 (214) 459-3117
Email Contact
Investor Contact:
Skyline Corporate Communications Group, LLCScott Powell,
President1177 Avenue of the Americas, 5th FloorNew York, NY
10036Office: (646) 893-5835Email: info@skylineccg.com
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