China, June 10, 2022 /PRNewswire/ -- TDH
Holdings, Inc. (NASDAQ: PETZ) ("TDH" or the "Company"), a PRC-based
company that specializes in the development, manufacturing and
sales of pet food products in China and beyond, announced today that the
Company's Board approved to effect a reverse stock split of
the Company's common shares at the ratio of one-for-twenty with the
market effective date of June 14, 2022. The objective of
the reverse stock split 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 June 14, 2022, the
Company's common shares will trade on the NASDAQ Capital Market on
a split-adjusted basis, under the same symbol "PETZ" but under a
new CUSIP Number, G87084110. As a result of the reverse
stock split, each twenty 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 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. The reverse stock split will reduce the
number of common shares issued and outstanding from approximately
126,260,157 to approximately 6,313,014 (subject to the rounding up
for fractional shares). The authorized number of common
shares will be reduced by the same one-for-twenty ratio from
1,000,000,000 to 50,000,000.
About TDH Holdings, Inc.
Founded in April 2002, TDH
Holdings, Inc. (the "Company") (NASDAQ: PETZ), is a developer,
manufacturer, and distributer of a variety of pet food products
under multiple brands that are sold in China, Asia,
and Europe. More information about
the Company can be found at www.tiandihui.com.
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's
statements regarding: its ability to regain compliance with the
Nasdaq listing requirements are forward-looking statements.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties that may cause the actual
results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the
Company's future business development; product and service demand
and acceptance; changes in technology; economic conditions; the
growth of the petfood industry in China and internationally; reputation and
brand; the impact of competition and pricing; government
regulations; fluctuations in general economic and business
conditions in China and
internationally and assumptions underlying or related to any of the
foregoing and other risks contained in reports filed by the Company
with the Securities and Exchange Commission. For these
reasons, among others, investors are cautioned not to place undue
reliance upon any forward-looking statements in this press release.
Additional factors are discussed in the Company's filings with the
U.S. Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
For more information, please contact:
Feng Zhang, CFO
Phone: +86 183-1102-1983
SOURCE TDH Holdings, Inc.