Baosheng Media Group Holdings Limited Announces Share Consolidation

Rhea-AI Summary

Baosheng Media Group Holdings Limited (NASDAQ: BAOS) has announced a share consolidation plan to convert six ordinary shares into one ordinary share, effective March 21, 2023. The consolidation will automatically combine shares without action required from shareholders. Following the consolidation, shares will trade under the same symbol "BAOS" starting March 22, 2023, with a new CUSIP number of G08908 124. The company's authorized share capital will be modified to US$60,000, divided into 6,250,000 shares at a par value of US$0.0096. No fractional shares will be issued, as all will be rounded up.

Positive

• Streamlined share structure may enhance liquidity.
• Continued listing on NASDAQ under the existing symbol BAOS.

Negative

• Share consolidation may signal a need to boost share price.
• Potential dilution of shareholder value through consolidation.

Beijing, China, March 21, 2023 (GLOBE NEWSWIRE) -- Baosheng Media Group Holdings Limited (NASDAQ: BAOS) (“Baosheng” or the “Company”), a China-based online marketing solution provider, today announced that the Company plans to effect a share consolidation of six (6) ordinary shares with par value of $0.0016 per share each in the Company’s issued and unissued share capital into one (1) ordinary share with par value of US$0.0096 (the “Share Consolidation”). As a result of the Share Consolidation, each six (6) pre-consolidation ordinary shares outstanding will automatically combine and convert to one issued and outstanding ordinary share without any action on the part of the shareholders.

The Share Consolidation will be effective on March 21, 2023. Beginning with the opening of trading on March 22, 2023, U.S. Eastern time, the Company’s ordinary shares will begin trading on a post-Share Consolidation basis on the Nasdaq Capital Market under the same symbol “BAOS” but under a new CUSIP number of G08908 124. No fractional shares will be issued in connection with the Share Consolidation. All fractional shares will be rounded up to the whole number of shares. Immediately following the Share Consolidation, the authorized share capital of the Company will be US$60,000 divided into 6,250,000 ordinary shares of par value of US$0.0096 each.

About Baosheng Media Group Holdings Limited

Baosheng Media Group Holdings Limited, headquartered in Beijing, China, is an online marketing solution provider in China. The Company advises advertisers on online marketing strategies, offers value-added advertising optimization services and facilitates the deployment of online ads in various forms, such as search ads, in-feed ads, mobile app ads and social media marketing ads. The Company is dedicated to helping its advertiser clients manage their online marketing activities with a view to achieving their business goals. For more information, please visit the Company’s website at http://ir.bsacme.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” ”anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Investor Relations Contact:
Tina Xiao
Ascent Investor Relations LLC
+1-917-609-0333
tina.xiao@ascent-ir.com

FAQ

What is the share consolidation plan for BAOS?

Baosheng plans to consolidate six ordinary shares into one, effective March 21, 2023.

When will BAOS shares start trading post-consolidation?

Shares will start trading on a post-consolidation basis on March 22, 2023.

What is the new CUSIP number for BAOS shares?

The new CUSIP number for BAOS shares is G08908 124.

Will fractional shares be issued after the share consolidation?

No fractional shares will be issued; all will be rounded up to whole shares.

What is the authorized share capital after the consolidation for BAOS?

After consolidation, the authorized share capital will be US$60,000, divided into 6,250,000 shares.