Antelope Enterprise Announces One-for-Ten Reverse Stock Split

Rhea-AI Summary

Antelope Enterprise announces one-for-ten reverse stock split to regain compliance with NASDAQ listing requirements.

Positive

• Antelope Enterprise sets effective date for reverse stock split on September 18, 2023.
• Reverse stock split will reduce outstanding shares from 25.4 million to 2.5 million.

Negative

• None.

• Class A Ordinary Shares Will Begin Trading on a Split-Adjusted Basis on September 18, 2023

CHENGDU, China, Sept. 15, 2023 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"), which operates KylinCloud, a premier livestreaming e-commerce platform that leverages a network of over 400,000 hosts and influencers across China, today announced that its Board of Directors has set the date of September 18, 2023 to be the effective date for the Company's one-for-ten reverse stock split of its issued and outstanding ordinary shares.  The Company's Class A ordinary shares will begin trading on the NASDAQ Stock Market on a split-adjusted basis when the market opens on September 18, 2023. The CUSIP number for the Company's Class A ordinary shares will be changed to G041JN122.

The Company's Board of Directors approved a reverse stock split so as to regain compliance with the minimum bid price requirement of $1.00 per share for continued listing on the NASDAQ Stock Market. In order to maintain the Company's listing on the NASDAQ Capital Market, the Company's common stock must have a closing bid price of $1.00 or more for a minimum of ten consecutive trading days by January 22, 2024. There can be no assurance that following the reverse split, the Company's Class A ordinary shares will remain above $1.00 per share minimum for the requisite period as of January 22, 2024 to regain listing compliance. In the event the Company does not regain compliance with the minimum bid price requirement, its securities may be subject to delisting from the NASDAQ Stock Market which, in turn, will result in significant adverse effect on the value and liquidity of the Company's securities.

As a result of the reverse stock split, every ten issued and outstanding ordinary shares as of the effective date will automatically be combined into one issued and outstanding share. Consequently, the reverse stock split will reduce the total number of outstanding Class A and Class B ordinary shares of the Company from approximately 25.4 million shares to approximately 2.5 million shares. In lieu of issuing fractional shares, the Company will issue one full share of the post-reverse stock split ordinary share to any shareholder who would have been entitled to receive a fractional share. All outstanding stock options, warrants and other rights to purchase the Company's ordinary shares will be adjusted proportionately as a result of the reverse stock split.

Once the reverse stock split becomes effective, shareholders holding shares through a bank, broker or other nominee will have their shares automatically adjusted to reflect the reverse stock split.  Beneficial holders may contact their bank, broker or nominee for more information.  Please direct any questions to your broker or the Company's transfer agent, Transhare Corp., by calling 303-662-1122.

About Antelope Enterprise Holdings Limited

Antelope Enterprise Holdings Limited holds a 51% ownership position in Hainan Kylin Cloud Services Technology Co., Ltd ("KylinCloud"), which operates a livestreaming ecommerce platform in China with access 400,000+ hosts and influencers.

For more information, please visit our website at http://www.aehl-kylin.com/, or follow the Company on Twitter at https://twitter.com/aehl_ltd. To receive the Company's public announcements, please email investor@aehltd.com.

Safe Harbor Statement

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections 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 include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, without limitation, the continued stable macroeconomic environment in the PRC, the PRC technology sectors continuing to exhibit sound long-term fundamentals, and our ability to continue to grow our business management, information system consulting, and livestreaming ecommerce business. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2022 and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

                                            

                                                                                          

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SOURCE Antelope Enterprise Holdings Ltd.