XIAMEN,
China, Feb. 27, 2025 /PRNewswire/ -- Lichen China
Limited (Nasdaq: LICN) ("Lichen China" or the
"Company"), a dedicated financial and taxation service provider
in China today announced the date of effectiveness and
the ratio of a forthcoming reverse stock split (the "Reverse
Split") of the Company's ordinary shares (the "Ordinary Shares").
On February 12, 2025, the Company announced, on a Current
Report on Form 6-K, the voting results from the annual meeting of
shareholders (the "Meeting") held on February 10, 2025. At the Meeting,
shareholders voted upon and approved Proposal 2 to effect a
Reverse Split with a ratio of not less than one-for-twenty and
not more than one-for-two-hundred within one year after the date of
passing of the resolution, with the exact ratio to be set at a
whole number within this range as determined by the Company's board
of directors (the "Board") in its sole discretion.
On February 10, 2025, the Board
approved a one-for-two-hundred (1:200) Reverse Split of the
Company's issued and unissued Class A and Class B ordinary
shares. The Company anticipates that beginning with the opening of
trading on March 3, 2025, the
Company's Class A ordinary shares will trade on the Nasdaq Capital
Market on a split-adjusted basis and will have a new CUSIP number,
G5479G116.
The Reverse Split affects all issued and outstanding shares of
the Ordinary Shares. In addition, the Reverse Split reduces
the number of Ordinary Shares issuable upon the exercise of share
options or warrants outstanding immediately prior to the Reverse
Split. The par value of the Ordinary Shares will increase to
$0.008 per share after the Reverse
Split. The Reverse Split affects all shareholders uniformly and
will not alter any shareholder's percentage interest in the
Company's equity. No fractional shares will be issued; instead,
shareholders who would otherwise be entitled to a fractional share
will have their entitlement rounded up to the nearest whole
share.
The Company anticipates that the reverse stock split will
increase the market price per share of the Company's Ordinary
Shares, bringing the Company into compliance with The Nasdaq
Capital Market's $1.00 minimum bid
price listing requirement.
Registered shareholders holding pre-split shares of the
Company's Ordinary Shares are not required to take any action to
receive post-split shares. Shareholders owning shares via a
broker, bank, trust or other nominee will have their positions
automatically adjusted to reflect the reverse stock split, and will
not be required to take any action in connection with the reverse
stock split.
Additionally, the Company has officially changed its name from
Lichen China Limited to Lichen International Limited, with the
change expected to take effect on March 3,
2025. This name change was duly approved by the Company's
shareholders on February 10, 2025.
Moving forward, the Company will operate under its new name, and
all existing agreements, rights, and obligations will remain
unchanged.
About Lichen China Limited
Lichen China Limited focuses on providing financial and taxation
solution services, education support services, and software and
maintenance services under its "Lichen" brand. In recognition of
the Company's expertise and experience in the financial and
taxation solution services industry for over 18 years, the Company
has built up its reputation as a dedicated financial and taxation
solution services provider of professional and high-quality
services in China. For more information, please visit the
Company's website: https://ir.lichenzx.com/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking
statements. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current
expectations and projections about future events and financial
trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the
Company's registration statement and in its other filings with the
U.S. Securities and Exchange Commission.
For more information, please contact:
Tian Sun
Phone: +86-0592-5586999
Email: ir@lichenzx.com
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SOURCE Lichen China Limited