Borqs Technologies, Inc. (NASDAQ:BRQS, "Borqs", or the "Company"))))), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced that its board of directors has approved a 1-for-12 reverse split for the Company's common stock. The reverse stock split is anticipated to take effect on October 10, 2023.
Accordingly, at the effective date, every twelve issued and outstanding shares of the Company's common stock will be converted into one share of the Company's common stock. The Company's common stock is expected to begin trading on the Nasdaq Capital Market on a post-split basis beginning on October 10, 2023, under a new CUSIP number: G1466B145.
Continental Stock Transfer & Trust Company is acting as exchange agent for the common stock reverse stock split and will send instructions to any shareholders of record who hold stock certificates regarding the exchange of certificates for common stock. Shareholders who hold their shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their shares following the reverse stock split. Continental Stock Transfer may be reached for questions at (212) 509-4000. Any fractional shares as a result of the reverse stock split will be adjusted upwards.