HONG KONG - VS Media Holdings Limited (NASDAQ:VSME), a company specializing in the management of a digital creator network, has announced a 1-for-7 share combination of its Class A and B ordinary shares, set to take effect on Monday, June 17, 2024. This move aims to bring the company into compliance with Nasdaq Marketplace Rule 5550(a)(2), ensuring its continued listing on the Nasdaq Capital Market.
The share combination will result in every seven existing Class A and Class B ordinary shares being consolidated into one share of the respective class, without altering the percentage interests of shareholders, except for adjustments due to fractional shares. These fractional shares will not be issued; instead, they will be rounded up to the nearest whole number.
Approved by the VS Media board of directors on June 5 and by its shareholders today, the share combination is a strategic step to maintain the company's market position. Upon the change, the Class A Ordinary Shares will trade under a new CUSIP number, though the ticker symbol "VSME" will remain unchanged.
VS Media Holdings Limited, founded in 2013, operates a network of digital creators across the Asia Pacific, fostering content-driven social commerce and providing marketing services to brands. The company is expanding its international presence, working with over 1,500 creators and 1,000 brands to promote and merchandise their offerings.
While the company has expressed forward-looking statements about future business strategies and potential share repurchase activities, it acknowledges these are subject to risks and uncertainties. VS Media has stated it will not update or revise any forward-looking statements unless required by law and urges investors to review factors that may affect future results in its SEC filings.
This announcement is based on a press release statement from VS Media Holdings Limited.
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