BIMI Announces 1-for -5 Reverse Stock Split
BIMI International Medical Inc. announced a 1-for-5 reverse stock split, effective February 2, 2022, at 5:00 PM EST. This measure aims to raise the trading price per share to meet NASDAQ's $1.00 minimum bid price requirement, allowing the company to maintain its listing. After the split, approximately 8,502,221 shares will be outstanding, excluding options and warrants. Shareholders need not take action regarding their holdings. The new CUSIP number for the stock is 05552Q202. For further details, visit www.usbimi.com.
- Reverse stock split aimed at meeting NASDAQ listing requirements.
- Reduction in number of shares may enhance share price perception among investors.
- Reverse stock split may reflect underlying financial struggles to meet minimum pricing.
- Potential risks in achieving sustained profitability and operational stability.
NEW YORK, Feb. 02, 2022 (GLOBE NEWSWIRE) -- BIMI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”), a healthcare products and services provider, today announced a 1-for-5 reverse split of its common stock effective today at 5:00 PM EST. Beginning on February 3, 2022, the Company’s common stock will trade on Nasdaq on a split adjusted basis.
Upon effectiveness, the reverse stock split will cause a reduction in the number of shares of common stock outstanding. The number of shares of common stock currently outstanding will be rounded up to the nearest whole share.
The new CUSIP number for the common stock following the reverse stock split is 05552Q202.
Registered stockholders holding their shares of common stock in book-entry or through a bank, broker or other nominee form do not need to take any action in connection with the reverse stock split. Stockholders holding physical stock certificates will also generally receive book-entry shares instead of their existing certificates, and the Company’s transfer agent, American Stock Transfer & Trust Company may send further instructions.
The reverse stock split is intended to increase the per share trading price of the Company's ordinary shares to satisfy the
About BIMI International Medical Inc.
BIMI International Medical Inc. was founded in 2006. The Company is now exclusively a healthcare products and provider, offering a broad range of healthcare products and related services and operates five private hospitals in China. For more information, please visit www.usbimi.com.
Safe Harbor Statement
Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, the Company’s ability to achieve profitable operations, its ability to continue to operate as a going concern, its ability to continue to meet NASDAQ continued listing requirements, the effects of the spread of COVID-19, the demand for the Company’s products and services in the People’s Republic of China, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the United States Securities and Exchange Commission.
IR Contact:
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: BIMI@dgipl.com
FAQ
What is the purpose of BIMI's reverse stock split on February 2, 2022?
When will BIMI's common stock start trading on a split-adjusted basis?
How many shares will BIMI have outstanding after the reverse stock split?
What should BIMI shareholders do regarding the reverse stock split?
What is the new CUSIP number for BIMI's shares after the split?
