TIAN RUIXIANG Holdings Ltd. Announces 1-for-5 Share Consolidation
TIAN RUIXIANG Holdings announced a 1-for-5 reverse share split of its ordinary shares to regain compliance with Nasdaq rules. Shareholders approved the proposal at an extraordinary general meeting held on May 6, 2024. The Company's class A ordinary shares will begin trading on a post-Share Consolidation basis on May 14, 2024, under the symbol 'TIRX'. The Share Consolidation aims to meet the minimum bid price per share requirement set by Nasdaq.
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BEIJING, May 08, 2024 (GLOBE NEWSWIRE) -- TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX) (the "Company"), a China-based insurance broker conducting business through its variable interest entity in China, today announced that the Company held an extraordinary general meeting of shareholders on Monday, May 6, 2024, at which the shareholders approved the proposal for a 1-for-5 reverse share split of the Company's ordinary shares (the "Share Consolidation"). No fractional shares will be issued in connection with the Share Consolidation, and all fractional shares (after aggregating all fractional shares that would otherwise be received by a shareholder) resulting from the Share Consolidation will be rounded up to the whole number of shares.
At the opening of trading on May 14, 2024, the Company's class A ordinary shares will begin trading on a post-Share Consolidation basis on the Nasdaq Stock Market under the symbol “TIRX”, with a new CUSIP number of G8884K128. The Share Consolidation is being effectuated primarily to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) related to the minimum bid price per share of the Company's Class A ordinary shares.
About TIAN RUIXIANG Holdings Ltd
TIAN RUIXIANG Holdings Ltd, headquartered in Beijing, China, is an insurance broker operating in China through its China-based variable interest entity. It distributes a wide range of insurance products, which are categorized into two major groups: (1) property and casualty insurance, such as automobile insurance, commercial property insurance, liability insurance; and (2) other insurance, such as life insurance and health insurance. For more information, visit the company's website at http://ir.tianrx.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 risk 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 investor and media enquiries, please contact:
TIAN RUIXIANG Holdings Ltd
Investor Relations Department
Email: ir@tianrx.com
WFS Investor Relations Inc.
Connie Kang, Partner
Email: ckang@wealthfsllc.com
Tel: +86 1381 185 7742 (CN)
FAQ
When did TIAN RUIXIANG Holdings announce the 1-for-5 Share Consolidation?
What was the purpose of the Share Consolidation?
When will the Company's class A ordinary shares begin trading on a post-Share Consolidation basis?
Under what symbol will the Company's class A ordinary shares trade on Nasdaq?
What was the new CUSIP number assigned after the Share Consolidation?
