J-Long Group Limited Announces A Delay In the Record Date And Effective Time for the Share Consolidation/Reverse Stock Split Previously Announced
J-Long Group (Nasdaq: JL) announced a delay in implementing its previously approved 1-for-10 share consolidation/reverse stock split, pending Nasdaq approval. The reverse split aims to increase the per-share market price to meet Nasdaq's minimum bid price requirement for continued listing. Once effective, every 10 shares will combine into one share, reducing authorized shares from 30,000,000 to 3,000,000, with a new par value of $0.00375. No fractional shares will be issued. The company's ticker symbol 'JL' will remain unchanged. VStock Transfer, will serve as the exchange agent, with automatic adjustments for both direct and brokerage-held shares.
Il J-Long Group (Nasdaq: JL) ha annunciato un ritardo nell'attuazione della sua precedentemente approvata operazione di consolidamento delle azioni 1-per-10, in attesa dell'approvazione di Nasdaq. Lo scopo di questa operazione è aumentare il prezzo di mercato per azione al fine di soddisfare il requisito del prezzo minimo d'offerta di Nasdaq per il mantenimento della quotazione. Una volta effettiva, ogni 10 azioni si unirà in una sola azione, riducendo le azioni autorizzate da 30.000.000 a 3.000.000, con un nuovo valore nominale di $0.00375. Non verranno emesse azioni frazionarie. Il simbolo di borsa dell'azienda 'JL' rimarrà invariato. VStock Transfer fungerà da agente di scambio, con aggiustamenti automatici sia per le azioni detenute direttamente che per quelle in gestione di broker.
El J-Long Group (Nasdaq: JL) anunció un retraso en la implementación de su consolidación de acciones previamente aprobada de 1 por 10, a la espera de la aprobación de Nasdaq. La operación de división inversa tiene como objetivo aumentar el precio de mercado por acción para cumplir con el requisito del precio mínimo de oferta de Nasdaq para mantener la cotización. Una vez que entre en vigor, cada 10 acciones se combinarán en una sola acción, reduciendo las acciones autorizadas de 30,000,000 a 3,000,000, con un nuevo valor nominal de $0.00375. No se emitirán acciones fraccionarias. El símbolo de cotización de la compañía 'JL' permanecerá sin cambios. VStock Transfer actuará como agente de intercambio, con ajustes automáticos tanto para las acciones en posesión directa como para las acciones mantenidas por los corredores.
J-Long Group (Nasdaq: JL)은 Nasdaq의 승인을 기다리며, 이전에 승인된 1대 10 주식 통합/역 주식 분할의 시행이 지연되었다고 발표했습니다. 역 분할의 목표는 주당 시장 가격을 올려 Nasdaq의 지속적인 상장 요건인 최소 매도 가격을 충족하는 것입니다. 효력이 발생하면, 10주당 1주로 통합됩니다, 공인 주식 수는 30,000,000주에서 3,000,000주로 줄어들며, 새로운 액면가는 $0.00375입니다. 분할 주식은 발행되지 않습니다. 회사의 티커 기호 'JL'은 변경되지 않습니다. VStock Transfer는 교환 대리인으로 활동하며, 직접 보유 주식 및 중개인이 보유한 주식에 대해 자동 조정이 이루어질 것입니다.
Le J-Long Group (Nasdaq: JL) a annoncé un retard dans la mise en œuvre de sa consolidation d'actions de 1 pour 10, précédemment approuvée, en attendant l'approbation de Nasdaq. Le but de ce reverse split est d'augmenter le prix du marché par action afin de répondre aux exigences de prix minimum de Nasdaq pour le maintien de la cotation. Une fois effectif, chaque 10 actions seront regroupées en une seule action, réduisant le nombre d'actions autorisées de 30.000.000 à 3.000.000, avec une nouvelle valeur nominale de 0,00375 $. Aucune action fractionnaire ne sera émise. Le symbole boursier de l'entreprise 'JL' restera inchangé. VStock Transfer agira en tant qu'agent d'échange, avec des ajustements automatiques tant pour les actions détenues directement que pour celles détenues par des courtiers.
Die J-Long Group (Nasdaq: JL) hat eine Verzögerung bei der Umsetzung ihrer zuvor genehmigten 1-für-10 Aktienkonsolidierung/Reverse Split angekündigt, da die Genehmigung durch Nasdaq aussteht. Der Reverse Split soll den Marktpreis pro Aktie erhöhen, um die Mindestgebotsanforderung von Nasdaq für eine fortgesetzte Listung zu erfüllen. Sobald wirksam, werden 10 Aktien zu einer Aktie zusammengeführt, wodurch sich die genehmigten Aktien von 30.000.000 auf 3.000.000 reduzieren, mit einem neuen Nennwert von 0,00375 $. Es werden keine Bruchaktien ausgegeben. Das Kürzel des Unternehmens 'JL' bleibt unverändert. VStock Transfer wird als Austauschagent fungieren, mit automatischen Anpassungen sowohl für direkt gehaltene als auch für von Brokern gehaltene Aktien.
- Shareholders previously approved the reverse stock split, showing support for the measure
- The move aims to maintain Nasdaq listing compliance
- Delay in implementing the reverse stock split pending Nasdaq approval
- Indicates potential stock price compliance issues with Nasdaq listing requirements
- 90% reduction in total authorized shares may limit future financing flexibility
Insights
This reverse stock split announcement represents a important defensive move to maintain Nasdaq listing compliance. The 1-for-10 consolidation will artificially boost the share price by reducing outstanding shares from 30M to 3M authorized shares. While this doesn't change the company's fundamental value or market cap, it's concerning that JL needs this measure to meet minimum bid requirements.
The delay in implementation pending Nasdaq approval adds uncertainty to the timeline. For existing shareholders, while their ownership percentage remains unchanged, the mechanics of the split may result in some holders losing fractional shares through rounding down. The proportional adjustments to options and warrants maintain relative values but could impact trading liquidity.
Hong Kong, Dec. 02, 2024 (GLOBE NEWSWIRE) -- J-Long Group Limited (Nasdaq: JL), a Hong Kong based and established distributor of reflective and non-reflective garment trims including, among others, heat transfers, fabrics, woven labels and tapes, sewing badges, piping, zipper pulls and drawcords, today announced today that it is delaying the record date and effective time for the proposed share consolidation ("Reverse Stock Split") of its Ordinary Shares at a ratio of 1-for-10, until it receives approval to proceed from the Nasdaq Stock Market. The Company's Ordinary Shares, both before and after the Reverse Stock Split, will continue to trade under the existing ticker symbol "JL."
The Company's members (Stockholders) previously approved the reverse stock split and granted the Company's board of directors the authority to determine the final reverse stock split ratio and when to proceed with the reverse stock split at a Special Meeting of Stockholders held on November 18, 2024. The Company will file an Amendment to its Memorandum and Articles of Association to effect the share consolidation/reverse stock split at the ratio of 1-for-10 when the record date and effective time have been set following Nasdaq approval.
The primary goal of the Reverse Stock Split is to increase the per share market price of the Company’s Ordinary Shares to meet the minimum per share bid price requirement for continued listing on the Nasdaq Stock Market.
The CUSIP number for the Company’s Ordinary Shares will change following the reverse stock split.
As of the effective time, every 10 shares of the Company's issued and outstanding Ordinary Shares will be combined into one issued and outstanding Ordinary Share. The total number of authorized Ordinary Shares will be reduced from 30,000,000 to 3,000,000, and the par value will change to
As of the Effective Time, proportional adjustments will also be made to the number of Ordinary Shares issuable upon the exercise of any outstanding stock options or warrants, and the exercise prices and stock price targets of any outstanding stock options, warrants, and equity awards will also be proportionately adjusted, as applicable.
The Company's transfer agent, VStock Transfer, LLC, will serve as the exchange agent for the Reverse Stock Split. Registered stockholders holding pre-Reverse Stock Ordinary Shares of the Company's electronically in book-entry form are not required to take any action to receive post- reverse-split shares. Those stockholders who hold their shares in brokerage accounts or in "street name" will have their positions automatically adjusted to reflect the Reverse Stock Split, subject to each brokers' particular processes, and will not be required to take any action in connection with the Reverse Stock Split.
Disclaimer: Forward looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the future effective date and intended effects of the reverse stock split, including whether the reverse stock split will increase the statements may be preceded by, followed by, or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "aim," "should," "seeks," "plans," "scheduled," "anticipates," "intends" or "continue" or similar expressions.
Forward-looking statements involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on JL management's current expectations and beliefs, as well as assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and JL is not under any obligation and expressly disclaims any obligation to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the reports that JL has filed or will file from time to time with the Securities and Exchange Commission (the "SEC"). The documents filed by JL with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
Hong Kong:
J-Long Group Limited
Edwin Chun Yin Wong, CEO and Director
ir@j-long.com +852 3693 2110
FAQ
What is the ratio of J-Long Group's (JL) planned reverse stock split?
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Why is J-Long Group (JL) implementing a reverse stock split?
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