SHANGHAI, May 17, 2023
/PRNewswire/ -- Nisun International Enterprise Development Group
Co., Ltd ("Nisun" or the "Company") (Nasdaq: NISN) announced today
that the Company's Board of Directors approved on May 2, 2023 to effect a share consolidation of
the Company's common shares at the ratio of one-for-ten with the
market effective date of May 18,
2023.
The objective of the share consolidation is to enable the
Company to regain compliance with NASDAQ Marketplace Rule
5550(a)(2) and maintain its listing on Nasdaq.
Beginning with the opening of trading on May 18, 2023, the Company's Class A Common Shares
will trade on the NASDAQ Capital Market on a split-adjusted basis,
under the same symbol "NISN" but under a new CUSIP Number,
G6593L122.
As a result of the share consolidation, each ten common shares
outstanding will automatically combine and convert to one issued
and outstanding common share without any action on the part of the
shareholder. No fractional common shares will be issued to any
shareholders in connection with the share consolidation, and such
fractional shares will be redeemed by the Company.
The share consolidation will reduce the number of Class A Common
Shares issued and outstanding from approximately 40,057,159 to
approximately 4,005,715 (subject to the redemption of the
fractional shares at the closing price of the Class A Common Shares
on May 17, 2023). The authorized
number of common shares will be reduced by the same one-for-ten
ratio from 310,000,000 authorized common shares, divided into
300,000,000 Class A Common Shares and 10,000,000 Class B Common
Shares, to 31,000,000 common shares, divided into 30,000,000 Class
A Common Shares and 1,000,000 Class B Common Shares.
About Nisun International Enterprise Development Group Co.,
Ltd
Nisun International Enterprise Development Group Co., Ltd
(NASDAQ: NISN) is a technology-driven, integrated supply chain
solutions provider focused on transforming the corporate finance
industry. Leveraging its rich industry experience, Nisun is
dedicated to providing professional supply chain solutions to
Chinese and foreign enterprises and financial institutions. Through
its subsidiaries, Nisun provides users with professional solutions
for technology supply chain management, technology asset routing,
and digital transformation of tech and finance institutions,
enabling the industry to strengthen and grow. At the same time,
Nisun continues to deepen the field of industry segmentation
through industrial and financial integration, by
cultivating/creating an ecosystem of openness and empowerment.
Nisun has built a linked platform that incorporates supply chain,
banking, securities, trust, insurance, funds, state-owned
enterprises, among other businesses. Focusing on industry-finance
linkages, Nisun aims to serve the upstream and downstream of the
industrial supply chain while also assisting with supply-side
sub-sector reform. For more information, please visit
http://ir.nisun-international.com/.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains information about Nisun's view of
its future expectations, plans and prospects that constitute
forward-looking statements. Actual results may differ materially
from historical results or those indicated by these forward-looking
statements as a result of a variety of factors including, but not
limited to, risks and uncertainties associated with its ability to
raise additional funding, its ability to maintain and grow its
business, variability of operating results, its ability to maintain
and enhance its brand, its development and introduction of new
products and services, the successful integration of acquired
companies, technologies and assets into its portfolio of products
and services, marketing and other business development initiatives,
competition in the industry, general government regulation,
economic conditions, dependence on key personnel, the ability to
attract, hire and retain personnel who possess the technical skills
and experience necessary to meet the requirements of its clients,
and its ability to protect its intellectual property. Nisun
encourages you to review other factors that may affect its future
results in Nisun's registration statement and in its other filings
with the Securities and Exchange Commission. Nisun assumes no
obligation to update or revise its forward-looking statements as a
result of new information, future events or otherwise, except as
expressly required by applicable law.
Contacts
Nisun International Enterprise Development Group Co.,
Ltd
Investor Relations
Tel: +86 (21) 2357-0055
Email: ir@cnisun.com
Ascent Investor Relations LLC
Tina Xiao
Tel: +1 (917) 609 0333
Email: tina.xiao@ascent-ir.com
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SOURCE Nisun International Enterprise Development Group Co.,
Ltd