U-BX Technology Ltd. (the "Company" or "U-BX") (NASDAQ:UBXG), a leading company providing value-added services using artificial intelligence-driven technology to businesses within the insurance industry, including insurance carriers and brokers, today announced that it has resolved to effect a reverse stock split of the Company's ordinary shares and has determined the ratio to be 1-for-16. At the Company's annual meeting of shareholders held on October 24, 2024, the Company's shareholders approved a reverse stock split and granted the Company's Board of Directors the authority to determine the exact split ratio and on November 2, 2024, the Company's Board of Directors determined the ratio to be 1-for-16. U-BX's ordinary shares will begin trading on an adjusted basis giving effect to the reverse stock split on November 27, 2024 under the existing ticker symbol "UBXG". The new CUSIP number of the Company's ordinary shares will be G9161K112.
When the reverse stock split is effective, every sixteen shares of the Company's ordinary shares issued and outstanding as of the effective date will be automatically combined into one ordinary share. This will reduce the number of outstanding ordinary shares of U-BX from 29.7 million to approximately 1.9 million. Concurrently with the reverse stock split, the Company amended its Memorandum of Association to proportionately reduce the number of authorized ordinary for issuance and change the par value of post-reverse stock split ordinary shares to $0.0016 per share.
No fractional shares will be issued in connection with the reverse stock split. Shareholders otherwise entitled to receive a fractional share as a result of the reverse stock split will receive one full share.
Additional information concerning the reverse stock split can be found in U-BX's notice of annual general meeting filed with the Securities and Exchange Commission on October 8, 2024.
