VCI Global Announces 1-for-49 Reverse Stock Split
November 01 2024 - 9:00AM
VCI Global Limited (NASDAQ: VCIG) (Frankfurt: H0T) (“VCI Global” or
the “Company”), a diversified holding company with expertise in
consulting, fintech, AI, robotics and cybersecurity, is pleased to
announce the approved 1-for-49 stock split of the Company’s common
stock with no par value, effective at 12:01 a.m. Eastern Time on 5
November, 2024 (the “Reverse Stock Split”). VCI Global’s common
stock will continue to be traded on the Nasdaq Capital Market on a
split-adjusted basis beginning on 5 November, 2024, under the
Company’s existing trading symbol “VCIG” with the new CUSIP number
G98218 202.
The Reverse Stock Split is primarily intended to
increase the market price per share of the Company’s common stock
to regain compliance with the minimum bid price required for
continued listing on the Nasdaq Capital Market.
The Reverse Stock Split will reduce the number
of shares of common stock issued and outstanding from approximately
202.2 million to approximately 4.0 million. No fractional shares
will be issued in connection with the Reverse Stock Split. Any
amount of fractional shares will be rounded up to the next nearest
number at the participant level.
Vstock Transfer, LLC (“Vstock”), the Company’s
transfer agent, will act as the exchange agent for the Reverse
Stock Split. Vstock will provide instructions to any stockholder
with physical stock certificates regarding the process for
exchanging their certificates for split-adjusted shares in
“book-entry form”. Shares held by stockholders through a broker
will have their accounts automatically credited by their brokerage
firm, bank, or other nominee, as will any stockholder who held
their shares in book-entry form at Vstock.
About VCI Global Limited
VCI Global is a diversified holding company
headquartered in Kuala Lumpur, Malaysia. The Company operates
through five core businesses: Capital Market Consultancy, Fintech,
Real Estate, AI & Robotics, and Cybersecurity. In Capital
Market Consultancy, we provide IPO solutions, investor relations
(IR) and public relations (PR) consultancy, and M&A
consultancy. Our Fintech arm offers a proprietary financing
platform. In Real Estate, we offer specialized real estate
consultancy services. The AI business delivers GPU servers, GPU
cloud computing services, AI and large language model (LLM)
solutions, while the Robotics segment focuses on post-harvest
robotics systems. Our Cybersecurity segment provides comprehensive
cybersecurity consultancy services and solutions. Committed to
fostering innovation and delivering exceptional value, VCI Global
has established a strong presence across the Asia-Pacific region,
the United States, Europe, and the Middle East, driving growth and
transformation on a global scale.
For more information on the Company, please log on to
https://v-capital.co/.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements that are subject to various risks and uncertainties.
Such statements include statements regarding the Company’s ability
to grow its business and other statements that are not historical
facts, including statements which may be accompanied by the words
“intends,” “may,” “will,” “plans,” “expects,” “anticipates,”
“projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,”
“potential” or similar words. These forward-looking statements are
based only on our current beliefs, expectations, and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks, and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Therefore, you should not rely on
any of these forward-looking statements. Actual results could
differ materially from those described in these forward-looking
statements due to certain factors, including without limitation,
the Company’s ability to achieve profitable operations, customer
acceptance of new products, the effects of the spread of
coronavirus (COVID-19) and future measures taken by authorities in
the countries wherein the Company has supply chain partners, the
demand for the Company’s products and the Company’s customers’
economic condition, the impact of competitive products and pricing,
successfully managing and, general economic conditions and other
risk factors detailed in the Company’s filings with the United
States Securities and Exchange Commission (“SEC”). 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.
CONTACT INFORMATION:
For media queries, please contact:
VCI Global Limitedenquiries@v-capital.co
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