ZW Data Action Technologies Inc. Announces Reverse Stock Split
September 25 2024 - 4:30PM
ZW Data Action Technologies Inc. (Nasdaq: CNET) (“ZW Data” or the
“Company”), an integrated online advertising, precision marketing,
data analytics, and other value-added services company, announced
today that its Board of Directors has approved a reverse stock
split of its common stock, par value $0.001 per share (the “Common
Stock”) at a ratio of 1-for-4 (the “Reverse Stock Split”). The
Reverse Stock Split will take effect on September 30, 2024, and the
shares of the Company will trade on a post-split basis on Nasdaq
under the Company’s existing trading symbol “CNET,” at the market
open on September 30, 2024, upon Nasdaq’s approval. The new CUSIP
number following the Reverse Stock Split will be 98880R 307.
Under Nevada Revised Statutes (“NRS”) Section 78.207, the
Company may decrease its authorized shares of Common Stock and
correspondingly decrease the number of issued and outstanding
shares of Common Stock by resolution adopted by the Board of
Directors, without obtaining the approval of the stockholders. The
Reverse Stock Split will be effected by the Company filing a
Certificate of Change (the “Certificate”) pursuant to NRS Section
78.209 with the Secretary of State of the State of Nevada. As a
result of the filing of the Certificate, the number of shares of
the Company’s authorized Common Stock will be reduced from
50,000,000 shares to 12,500,000 shares and the issued and
outstanding number of shares of the Common Stock will be
correspondingly decreased.
When the Reverse Stock Split becomes effective, the total number
of shares of Common Stock held by each stockholder of the Company
will be converted automatically into the number of shares of Common
Stock equal to (i) the number of issued and outstanding shares of
Common Stock held by each such stockholder immediately prior to the
Reverse Stock Split, divided by (ii) 4, with such resulting number
of shares rounded up to the nearest whole share. The Company will
issue one whole share of the post-Reverse Stock Split Common Stock
to any stockholder who otherwise would have received a fractional
share as a result of the Reverse Stock Split. As a result, no
fractional shares will be issued in connection with the Reverse
Stock Split and no cash or other consideration will be paid in
connection with any fractional shares that would otherwise have
resulted from the Reverse Stock Split.
The Reverse Stock Split has no effect on the par value of the
Company’s Common Stock or authorized shares of preferred stock.
Immediately after the Reverse Stock Split, each stockholder’s
percentage ownership interest in the Company and proportional
voting power will remain unchanged, except for minor changes and
adjustments that will result from the treatment of fractional
shares. The rights and privileges of the holders of shares of
Common Stock will be substantially unaffected by the Reverse Stock
Split.
The Reverse Stock Split is primarily being effected to regain
compliance with the $1.00 minimum bid price required for continued
listing on The Nasdaq Capital Market under Nasdaq Listing Rule
5550(a)(2).
Stockholders who are holding their shares in electronic form at
brokerage firms do not need to take any action, as the effect of
the Reverse Stock Split will automatically be reflected in their
brokerage accounts. Stockholders holding paper certificates may
(but are not required to) send the certificates to the Company’s
transfer agent and registrar, Empire Stock Transfer. Empire Stock
Transfer will issue a new stock certificate reflecting the Reverse
Stock Split to each requesting stockholder.
About ZW Data Action Technologies Inc.
Established in 2003 and headquartered in Beijing, China, ZW Data
Action Technologies Inc. (the “Company”) offers online advertising,
precision marketing, data analytics and other value-added services
for enterprise clients. Leveraging its fully integrated services
platform, proprietary database, and cutting-edge algorithms, ZW
Data Action Technologies delivers customized, result-driven
business solutions for small and medium-sized enterprise clients in
China. The Company also develops blockchain and artificial
intelligence enabled web/mobile applications and software solutions
for clients. More information about the Company can be found at:
http://www.zdat.com/.
Forward-looking Statement
This release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements give our current expectations, opinion,
belief or forecasts of future events and performance. A statement
identified by the use of forward-looking words including “will,”
“may,” “expects,” “projects,” “anticipates,” “plans,” “believes,”
“estimate,” “should,” and certain of the other foregoing statements
may be deemed forward-looking statements. These forward-looking
statements are subject to a number of risks, uncertainties and
assumptions, including market and other conditions. More detailed
information about the Company and the risk factors that may affect
the realization of forward-looking statements is set forth in the
Company’s filings with the SEC. Investors and security holders are
urged to read these documents free of charge on the SEC’s web site
at http://www.sec.gov. The Company undertakes no obligation to
update any such forward-looking statements after the date hereof to
conform to actual results or changes in expectations, except as
required by law.
For more information, please contact:ZW Data Action Technologies
Inc.Email: wanmeng@chinanet-online.comPhone: +86 13522831530
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