Dubai, UAE, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Lytus Technologies Holdings PTV. Ltd. (the "Company") (Nasdaq:LYT), a leading global technology-driven services company, today announced that on February 5th, 2024, the Board of Directors of the Company approved a reverse stock split (the "Reverse Split") of its authorized, issued and outstanding ordinary shares, par value $0.01 per share, at a ratio of 1-for-60 so that every 60 shares currently authorized and issued is combined into one (1) share. Shareholders otherwise entitled to receive a fractional share as a result of the Reverse Split will receive a whole share in lieu of such factional share. In connection with the Reverse Split, a vote of the shareholders of the Company is not required and as such, no shareholder vote or meeting of shareholders will be held.
The Reverse Split will be effected by filing amendments with the Registrar of Corporate Affairs of the British Virgin Islands. The Company intends to file the amendments with the Registrar of Corporate Affairs of the British Virgin Islands on February 22nd, 2024, and it is anticipated that the ordinary shares will begin trading on the Nasdaq Capital Market on a split-adjusted basis when the market opens on February 23rd, 2024.
The Company is effecting the Reverse Split in order to maintain its listing on The Nasdaq Stock Market ("Nasdaq"). As previously disclosed, on February 8, 2024, the Company received notice from the Listing Qualifications Department of Nasdaq indicating that the Company is not in compliance with the minimum bid price requirement of $1.00 per share under the Nasdaq Listing Rules. We believe that the proposed Reverse Split will assist the Company in regaining compliance under the Nasdaq Listing Rules.
Both before and after the Reverse Split, the Company is and will be authorized to issue 230,000,000 ordinary shares and per share par value will be $0.01. As a result of the Reverse Split, the Company's issued and outstanding ordinary shares will be reduced from 93,679,260 to approximately 1,561,321.
Shareholders holding certificated shares will receive information from Vstock Transfer regarding the process for exchanging their stock certificates. Shareholders who hold their shares in book-entry form or in "street name" (through a broker, bank or other holder of record) will not be required to take any action.
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About Lytus Technologies Holdings PTV. Ltd:
Lytus Technologies is a rapidly expanding technology-driven internet platform services organization with operations in India and USA. The company offers high-value streaming and telemedicine services to over 4 million active users and monthly customers across India and USA. Lytus Technologies is a listed company under the ticker symbol "LYT" on the Nasdaq Capital Market. The firm is one of India's fastest-growing online content and streaming service providers. Through its 5,000-kilometer network of installed fiber and broadband infrastructure, the firm delivers fiber and broadband services to its client base. Currently, Lytus Technologies has nationwide Telecast & Multicast services in India providing retail and commercial customers monthly subscription-based linear video and Internet services.
Forward-Looking Statements
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, including but not limited to that the Company will be able to maintain its listing on The Nasdaq Stock Market, are not a guarantee 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. 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 you that actual results may differ materially from the anticipated results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management's beliefs and assumptions only as of the date such statements are made. These forward-looking statements are made as of the date of this news release.
For Media Queries:
Robert Foley
LYT@redchip.com
