Ucommune Announces Extraordinary General Meeting Results and Share Consolidation

Rhea-AI Summary

Ucommune International Ltd. (NASDAQ: UK) announced that its shareholders approved a share consolidation during an extraordinary meeting held on April 21, 2022. The consolidation will convert every 20 ordinary shares into one ordinary share, effective at 5 P.M. U.S. Eastern time on the same day. Following this, trading will commence on a post-consolidation basis under the same symbol 'UK'. The authorized share capital will adjust to US$50,000 with a total of 25 million ordinary shares post-consolidation.

Positive

• Shareholders approved the consolidation, which can enhance stock liquidity and potentially attract institutional investors.

Negative

• Share consolidation may signal previous low share prices, potentially affecting investor confidence.

 

BEIJING, April 21, 2022 /PRNewswire/ -- Ucommune International Ltd. (NASDAQ: UK) ("Ucommune" or the "Company"), a leading agile office space manager and provider in China, today announced that at an extraordinary general meeting of the Company held at 10 A.M. on April 21, 2022, Beijing time (10 P.M. on April 20, 2022, U.S. Eastern time) (the "Meeting"), its shareholders approved a share consolidation of 20 ordinary shares with par value of US$0.0001 each in the Company's issued and unissued share capital into one ordinary share with par value of US$0.002 (the "Share Consolidation"). As a result of the Share Consolidation, each 20 pre-split ordinary shares outstanding will automatically combine and convert to one issued and outstanding ordinary share without any action on the part of the shareholders, and the terms of the outstanding warrants, unit purchase options, senior convertible debentures and awards under share incentive plans of the Company will be adjusted automatically without any action on the part of the holders of those warrants, unit purchase options, senior convertible debentures and awards under share incentive plans.

The Share Consolidation will be effective at 5 P.M. on April 21, 2022, U.S. Eastern time. Beginning with the opening of trading on April 22, 2022, U.S. Eastern time, the Company's Class A ordinary shares will begin trading on a post-Share Consolidation basis on the Nasdaq Capital Market under the same symbol "UK" but under a new CUSIP number of G9449A 209. No fractional shares will be issued in connection with the Share Consolidation. All fractional shares will be rounded up to the whole number of shares. Immediately following the Share Consolidation, the authorized share capital of the Company will be US$50,000.00 divided into 25,000,000 ordinary shares of par value of US$0.002 each, comprising (a) 20,000,000 Class A ordinary shares of par value of US$0.002 each and (b) 5,000,000 Class B ordinary shares of par value of US$0.002 each.

About Ucommune International Ltd

Ucommune is China's leading agile office space manager and provider. Founded in 2015, Ucommune has created a large-scale intelligent agile office ecosystem covering economically vibrant regions throughout China to empower its members with flexible and cost-efficient office space solutions. Ucommune's various offline agile office space services include self-operated models, such as U Space, U Studio, and U Design, as well as asset-light models, such as U Brand and U Partner. By utilizing its expertise in the real estate and retail industries, Ucommune operates its agile office spaces with high efficiency and engages in the urban transformation of older and under-utilized buildings to redefine commercial real estate in China.

Safe Harbor Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; its ability to understand members' needs and provide products and services to attract and retain members; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with members and business partners; trends and competition in China's agile office space market; changes in its revenues and certain cost or expense items; the expected growth of China's agile office space market; PRC governmental policies and regulations relating to the Company's business and industry, and general economic and business conditions in China and globally and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Ucommune International Ltd.
ir@ucommune.com

ICR, LLC.
Robin Yang
ucommune@icrinc.com
+1 (212) 537-3847

 

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SOURCE Ucommune International Ltd.

FAQ

What was the result of Ucommune's extraordinary general meeting on April 21, 2022?

The extraordinary general meeting resulted in shareholders approving a share consolidation of 20 ordinary shares into one.

When will Ucommune's share consolidation take effect?

The share consolidation will be effective at 5 P.M. U.S. Eastern time on April 21, 2022.

What will happen to Ucommune's shares after the consolidation?

Post-consolidation, Ucommune's shares will trade under the same symbol 'UK' starting April 22, 2022.

How many total shares will Ucommune have after the consolidation?

After the consolidation, Ucommune will have a total authorized share capital of 25 million ordinary shares.