BEIJING (dpa-AFX) - Lichen China Limited (LICN), a financial and taxation service provider in China, Thursday has announced the effectiveness date and ratio of its upcoming reverse stock split. Following shareholder approval on February 10, 2025, the company's board of directors finalized a one-for-two-hundred (1:200) reverse split for both Class A and Class B ordinary shares. The split-adjusted trading will commence on the Nasdaq Capital Market on March 3, 2025, under a new CUSIP number, G5479G116.
The reverse split will proportionally reduce the number of issued and outstanding shares, including those issuable through share options or warrants, while increasing the par value to $0.008 per share. It will not affect shareholders' percentage ownership, and fractional shares will be rounded up to the nearest whole share. The company expects this move to help maintain compliance with Nasdaq's $1.00 minimum bid price requirement.
Shareholders holding pre-split shares do not need to take any action, as adjustments will be made automatically through brokers, banks, or other nominees.
Additionally, the company has officially changed its name to Lichen International Limited, effective March 3, 2025, following shareholder approval. The company will continue operations under its new name with no impact on existing agreements, rights, or obligations.
LICN is currently trading at $0.0491 or 29.05% lower on the Nasdaq Capital Market.
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