Ostin Technology Group Announces Update to Effective Date of Reverse Share Split
Ostin Technology Group (Nasdaq: OST) has updated the effective date of its previously approved 1-for-10 reverse share split from December 26 to December 31, 2024. The split was approved by shareholders on November 25, 2024. Upon implementation, the total outstanding Class A ordinary shares will reduce from approximately 18.1 million to 1.81 million, with shares continuing to trade under the symbol 'OST' but with a new CUSIP number G67927114.
The reverse split aims to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share. The company will adjust its Memorandum of Association to reduce authorized shares and set post-split share par value at $0.001. Fractional shares will be rounded up to the nearest whole share.
Ostin Technology Group (Nasdaq: OST) ha aggiornato la data di entrata in vigore del suo raggruppamento azionario inverso 1-per-10, da 26 dicembre a 31 dicembre 2024. L'operazione è stata approvata dagli azionisti il 25 novembre 2024. Una volta attuata, il numero totale delle azioni ordinarie di Classe A passerà da circa 18,1 milioni a 1,81 milioni, con le azioni che continueranno a essere negoziate con il simbolo 'OST', ma con un nuovo numero CUSIP G67927114.
Il raggruppamento ha l'obiettivo di ripristinare la conformità al requisito di prezzo minimo per le offerte di Nasdaq di $1,00 per azione. L'azienda modificherà il suo Memorandum of Association per ridurre le azioni autorizzate e fissare il valore nominale delle azioni post-raggruppamento a $0,001. Le azioni frazionarie saranno arrotondate all'azione intera più vicina.
Ostin Technology Group (Nasdaq: OST) ha actualizado la fecha de entrada en vigor de su división de acciones inversa 1 por 10 del 26 de diciembre al 31 de diciembre de 2024. La división fue aprobada por los accionistas el 25 de noviembre de 2024. Una vez implementada, el total de acciones ordinarias Clase A reducirá de aproximadamente 18,1 millones a 1,81 millones, con las acciones continuando bajo el símbolo 'OST' pero con un nuevo número CUSIP G67927114.
La división inversa tiene como objetivo recuperar la conformidad con el requisito de precio mínimo por acción de Nasdaq de $1,00. La empresa ajustará su Memorando de Asociación para reducir las acciones autorizadas y establecer el valor nominal de las acciones después de la división en $0,001. Las acciones fraccionarias se redondearán a la acción entera más cercana.
오스틴 기술 그룹 (Nasdaq: OST)는 현재 승인된 10분의 1 역분할의 시행 날짜를 2024년 12월 26일에서 2024년 12월 31일로 업데이트했습니다. 이 분할은 2024년 11월 25일에 주주들에 의해 승인되었습니다. 시행되면 총 A 클래스 보통주 주식 수는 약 1,810만 주에서 181만 주로 줄어들며, 주식은 'OST' 기호로 계속 거래되지만 새로운 CUSIP 번호 G67927114가 지정됩니다.
역분할의 목적은 나스닥의 최소 입찰 가격 요구 사항인 주당 $1.00에 대한 준수를 회복하는 것입니다. 회사는 승인된 주식을 줄이기 위해 협약서를 조정하고 분할 후 주식의 액면가를 $0.001로 설정할 것입니다. 분할 주식은 가장 가까운 정수 주식으로 반올림됩니다.
Ostin Technology Group (Nasdaq: OST) a mis à jour la date d'entrée en vigueur de sa fractionnement d'actions inversé 1 pour 10 du 26 décembre au 31 décembre 2024. Le fractionnement a été approuvé par les actionnaires le 25 novembre 2024. Lors de sa mise en œuvre, le total des actions ordinaires de Classe A sera réduit d'environ 18,1 millions à 1,81 million, avec les actions continuant à être négociées sous le symbole 'OST' mais avec un nouveau numéro CUSIP G67927114.
Le fractionnement inversé vise à retrouver la conformité avec l'exigence de prix minimum de Nasdaq de 1,00 $ par action. La société ajustera son mémorandum d'association pour réduire les actions autorisées et fixera la valeur nominale des actions après fractionnement à 0,001 $. Les actions fractionnaires seront arrondies à l'action entière la plus proche.
Ostin Technology Group (Nasdaq: OST) hat das Datum für den Inkrafttreten des zuvor genehmigten 1-für-10-Rücksplit von 26. Dezember auf 31. Dezember 2024 aktualisiert. Der Split wurde von den Aktionären am 25. November 2024 genehmigt. Nach der Umsetzung wird die Gesamtzahl der Klasse A Stammaktien von etwa 18,1 Millionen auf 1,81 Millionen reduziert, während die Aktien weiterhin unter dem Symbol 'OST' gehandelt werden, jedoch mit einer neuen CUSIP-Nummer G67927114.
Der Rücksplit zielt darauf ab, die Einhaltung des Mindestgebotszinssatzes von $1,00 pro Aktie von Nasdaq wiederherzustellen. Das Unternehmen wird seine Satzung anpassen, um die autorisierten Aktien zu reduzieren und den Nennwert der nach dem Split ausgegebenen Aktien auf $0,001 festzulegen. Bruchstücke von Aktien werden auf die nächste volle Aktie aufgerundet.
- Strategic move to maintain Nasdaq listing compliance
- Shareholders approved the reverse split, indicating support for the measure
- Indicates struggle to maintain minimum share price requirement
- Significant reduction in outstanding shares could impact liquidity
Insights
This reverse stock split represents a critical financial restructuring move for Ostin Technology Group. The 1-for-10 consolidation will mechanically boost the share price by reducing the outstanding shares from 18.1 million to 1.81 million. While this doesn't change the company's fundamental value, it's a necessary step to maintain Nasdaq listing compliance with the
The timing of this corporate action, shifted to December 31, 2024, strategically aligns with year-end trading patterns when volume is typically lighter, potentially minimizing market disruption. The rounding up provision for fractional shares is shareholder-friendly, though its impact will be minimal given the small market cap of
For retail investors: Think of this like exchanging ten
Nanjing, China, Dec. 24, 2024 (GLOBE NEWSWIRE) -- Ostin Technology Group Co., Ltd. ("the Company") (Nasdaq: OST), a leading supplier of display modules and polarizers based in China, today announced an update to the effective date of its previously approved reverse share split of the Company’s Class A ordinary shares, with the split ratio set at 1-for-10 (the “Reverse Share Split”). The Reverse Share Split was approved by the Company’s shareholders at an extraordinary general meeting held on November 25, 2024. The effective date for the Reverse Share Split has been revised from December 26, 2024 to December 31, 2024 and the Company’s Class A ordinary shares will begin trading on an adjusted basis, reflecting the Reverse Share Split, on December 31, 2024, under the existing ticker symbol “OST.” The new CUSIP number for the Company’s Class A ordinary shares will be G67927114.
Upon the effectiveness of the Reverse Share Split, every ten shares of the Company’s issued and outstanding Class A ordinary shares as of the effective date will automatically be combined into one Class A ordinary share. This adjustment will reduce the total number of outstanding Class A ordinary shares of the Company from approximately 18.1 million to approximately 1.81 million.
In conjunction with the Reverse Share Split, the Company also amended its Memorandum of Association to proportionately reduce the number of authorized shares for issuance and to adjust the par value of the post-reverse share split ordinary shares to
The Reverse Share Split is part of the Company’s efforts to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) related to the minimum bid price of at least
No fractional shares will be issued; instead, shareholders who would otherwise be entitled to a fractional share will have their entitlement rounded up to the nearest whole share.
Further details regarding the reverse share split and the associated changes to the Company’s share capital can be found in the Company’s notice of extraordinary general meeting, filed with the Securities and Exchange Commission on November 8, 2024.
About Ostin Technology Group Co., Ltd.
Founded in 2010, the Company is a supplier of display modules and polarizers in China. The Company designs, develops, and manufactures TFT-LCD display modules in a wide range of sizes and customized sizes which are mainly used in consumer electronics, outdoor LCD displays, and automotive displays. The Company also manufactures polarizers used in the TFT-LCD display modules.
For more information, please visit http://ostin-technology.com/index.html
Forward-Looking Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, underlying assumptions, and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's forecast on market trends; the Company's future business development; the demand for and market acceptance for new products; expectation to receive customer orders for new products; the anticipated timing for the marketing and sales of new products; changes in technology; the Company's ability to attract and retain skilled professionals; client concentration; and general economic conditions affecting the Company's industry and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Ostin Technology Group Co., Ltd.
ir@austinelec.com
Investor Relations:
Janice Wang
Wealth Financial Services LLC
Phone: +86 13811768599 +1 628 283 9214
Email: services@wealthfsllc.com
FAQ
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