BAIYU Holdings, Inc. (Formerly TD Holdings, Inc.) Announces Reverse Stock Split

Rhea-AI Summary

BAIYU Holdings, Inc. (formerly TD Holdings, Inc.) plans to change its name and ticker symbol, and effect a 1-for-50 reverse stock split. The reverse stock split is intended to bring the company into compliance with the Nasdaq Capital Market's minimum bid price requirements.

Positive

• BAIYU Holdings, Inc. plans to change its name and ticker symbol, which could generate renewed interest in the stock and potentially increase trading volume.
• The reverse stock split is intended to bring the company into compliance with the Nasdaq Capital Market's minimum bid price requirements, which could help maintain its listing on the exchange.

Negative

• None.

SHENZHEN, China, Oct. 27, 2023 /PRNewswire/ -- BAIYU Holdings, Inc. (formerly TD Holdings, Inc.) (Nasdaq: GLG) (the "Company"), a commodities trading service and provider in China, today announced that it plans to change its name from "TD Holdings, Inc." to "BAIYU Holdings, Inc.", its ticker symbol from "GLG" to "BYU", and to effect a 1-for-50 reverse stock split of its shares of common stock, par value $0.001. The expected marketplace effective date for the name and ticker change is October 30, 2023. The Company's common stock is expected to begin trading when the markets open on a reverse stock split-adjusted basis under the new name "BAIYU Holdings, Inc." and the new ticker symbol "BYU" on October 30, 2023. 

The reverse stock split is primarily intended to bring the Company into compliance with the minimum bid price requirements for maintaining its listing on the Nasdaq Capital Market. The new CUSIP number following the reverse stock split will be 87250W301.

As a result of the reverse stock split, every 50 shares of the Company's common stock issued and outstanding will be automatically reclassified into one new share of common stock. The reverse stock split will not modify any rights or preferences of the shares of the company's common stock. No fractional shares will be issued because of the reverse stock split. Instead, any fractional shares that would have resulted from the reverse split will be rounded up to the next whole number.

Additional information about the reverse stock split can be found in the company's definitive proxy statement filed with the Securities and Exchange Commission (the "SEC") on September 29, 2023, which is available free of charge at the SEC's website, www.sec.gov. 

About BAIYU Holdings, Inc.

BAIYU Holdings, Inc. (NASDAQ: BYU) is a leading B2B bulk commodity e-commerce platform and supply chain service provider. Currently, BAIYU is focused on expanding its network in photovoltaic, energy storage power, and fast-charging power stations, along with services for the new energy industry. BAIYU's core business involves investing in fast-charging power stations, commercial power stations, and offering integrated new energy solutions and operations that encompass photovoltaic, energy storage, and fast-charging power stations. Upholding exceptional overall operation and maintenance standards, prioritizing quality, and ensuring safety and efficiency, the company is dedicated to providing secure, convenient, and reliable green new energy power services to its global clientele. It offers comprehensive solutions and operations for global new energy storage systems and specialized sectors. With a central focus on new energy and an orientation towards integrated power systems, BAIYU is dedicated to fields like clean energy, smart power, intelligent photovoltaic, and the operation and maintenance of fast-charging station outlets. In collaboration with new energy businesses such as photovoltaic, energy storage, power, charging stations, and micro-grids, BAIYU provides customers with a one-stop solution, covering everything from design planning and system integration to efficient operations, smart maintenance, and upgrades. For more information, please visit http://ir.tdglg.com.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of BAIYU Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company's operations; the demand for the Company's products and services, global supply chains and economic activity in general; the occurrence of any event, change or other circumstances; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by BAIYU Holdings, Inc. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

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SOURCE BAIYU Holdings, Inc.

FAQ

What is BAIYU Holdings, Inc. planning to do?

BAIYU Holdings, Inc. plans to change its name and ticker symbol, and effect a reverse stock split.

Why is the reverse stock split being implemented?

The reverse stock split is being implemented to bring the company into compliance with the Nasdaq Capital Market's minimum bid price requirements.

Where can I find more information about the reverse stock split?

Additional information about the reverse stock split can be found in the company's definitive proxy statement filed with the SEC on September 29, 2023, available at www.sec.gov.