SHENZHEN, China, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Meiwu Technology Company Limited (NASDAQ: WNW) ("WNW" or the "Company"), announced today that an 1 for 35 reverse split of its ordinary shares was approved by the Company's board of directors on November 27, 2023 and became effective on December 20, 2023. In connection with the reverse share split, the Company's shareholders will receive one new ordinary share of the Company for every thirty-five shares they hold. The Company's ordinary shares is expected to begin trading on a split-adjusted basis when the market opens on December 20, 2023,
The reverse share split is expected to lead the Company's ordinary shares to trade at approximately thirty-five times the price per share at which it trades prior to the effectiveness of the reverse share split. The Company, however, cannot assure that the price of its ordinary shares after the reverse split will reflect the 1 for 35 reverse split ratio, that the price per share following the effective time of the reverse split will be maintained for any period of time, or that the price will remain above the pre-split trading price.
As of December 15, 2023, there were approximately 100,670,199 of the Company's ordinary shares outstanding. Effecting the 1 for 35 reverse split will reduce that amount to approximately 2,876,292. The reverse split will not change the number of the Company's authorized shares.
Treatment of Stock Options and Restricted Shares
The number of ordinary shares into which the Company's outstanding stock options and restricted shares as well as the options' relevant exercise price per share will be proportionally adjusted to reflect the reverse split.
Fractional Shares
Any fractional shares that would have resulted because of the Reverse Split will be rounded up to the nearest whole share.
New Ordinary Share Certificates
Certificates reflecting the new share number will be issued in due course as old share certificates are tendered for exchange or transfer to the Company's transfer agent, TranShare. Registered shareholders holding pre-split shares of the Company's ordinary shares electronically in book-entry form are not required to take any action to receive post-split shares. Shareholders who hold their shares through a securities broker or nominee (i.e., in "street name") will be contacted by their brokers or nominees with any instructions. For more information, shareholders and securities brokers should contact TranShare at (303)662-1112.
About Meiwu Technology Company Limited
Meiwu Technology Company Limited is a British Virgin Islands company incorporated on December 4, 2018, and conduct our business in China through our subsidiaries and variable interest entity, Wunong Technology (Shenzhen) Co., Ltd. Currently we conduct our business through our online retail store on the website www.wnw108.com. Optimizing the Website and real-time data, we are able to respond to and match supply with demand for food products in keeping with consumer trends.
Safe Harbor Statement
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.
For more information, please contact:
Xinliang Zhang
Email: meiwuBS@usmeiwu.com
