SHENZHEN, China, Oct. 27,
2023 /PRNewswire/ -- BAIYU Holdings, Inc.
(formerly TD Holdings, Inc.) (Nasdaq: GLG) (the "Company"), a
commodities trading service and provider in China, today announced that it plans to change
its name from "TD Holdings, Inc." to "BAIYU Holdings, Inc.", its
ticker symbol from "GLG" to "BYU", and to effect a 1-for-50 reverse
stock split of its shares of common stock, par value $0.001. The expected marketplace effective date
for the name and ticker change is October
30, 2023. The Company's common stock is expected to begin
trading when the markets open on a reverse stock split-adjusted
basis under the new name "BAIYU Holdings, Inc." and the new ticker
symbol "BYU" on October 30,
2023.
The reverse stock split is primarily intended to bring the
Company into compliance with the minimum bid price requirements for
maintaining its listing on the Nasdaq Capital Market. The new CUSIP
number following the reverse stock split will be
87250W301.
As a result of the reverse stock split, every 50 shares of
the Company's common stock issued and outstanding will be
automatically reclassified into one new share of common stock. The
reverse stock split will not modify any rights or preferences of
the shares of the company's common stock. No fractional shares will
be issued because of the reverse stock split. Instead, any
fractional shares that would have resulted from the reverse split
will be rounded up to the next whole number.
Additional information about the reverse stock split can
be found in the company's definitive proxy statement filed with the
Securities and Exchange Commission (the "SEC") on September 29, 2023, which is available free of
charge at the SEC's website, www.sec.gov.
About BAIYU Holdings,
Inc.
BAIYU Holdings, Inc. (NASDAQ: BYU) is a leading B2B bulk
commodity e-commerce platform and supply chain service provider.
Currently, BAIYU is focused on expanding its network in
photovoltaic, energy storage power, and fast-charging power
stations, along with services for the new energy industry. BAIYU's
core business involves investing in fast-charging power stations,
commercial power stations, and offering integrated new energy
solutions and operations that encompass photovoltaic, energy
storage, and fast-charging power stations. Upholding exceptional
overall operation and maintenance standards, prioritizing quality,
and ensuring safety and efficiency, the company is dedicated to
providing secure, convenient, and reliable green new energy power
services to its global clientele. It offers comprehensive solutions
and operations for global new energy storage systems and
specialized sectors. With a central focus on new energy and an
orientation towards integrated power systems, BAIYU is dedicated to
fields like clean energy, smart power, intelligent photovoltaic,
and the operation and maintenance of fast-charging station outlets.
In collaboration with new energy businesses such as photovoltaic,
energy storage, power, charging stations, and micro-grids, BAIYU
provides customers with a one-stop solution, covering everything
from design planning and system integration to efficient
operations, smart maintenance, and upgrades. For more information,
please visit http://ir.tdglg.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of BAIYU Holdings, Inc. and
its subsidiary companies. All statements, other than statements of
historical fact included herein are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions, involving known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. The following factors,
among others, could cause actual results to differ materially from
those described in these forward-looking statements: there is
uncertainty about the spread of the COVID-19 virus and the impact
it will have on the Company's operations; the demand for the
Company's products and services, global supply chains and economic
activity in general; the occurrence of any event, change or other
circumstances; and other risks and uncertainties described herein,
as well as those risks and uncertainties discussed from time to
time in other reports and other public filings with the Securities
and Exchange Commission by BAIYU Holdings, Inc. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website at http://www.sec.gov. All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
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SOURCE BAIYU Holdings, Inc.