MicroCloud Hologram Inc. Announces Results of its 2024 Annual General Meeting of the Shareholders

Share Consolidation and Capital Structure Changes - The company approved a share consolidation where every 20 issued and unissued ordinary shares of US$0.001 each will be consolidated into one share of US$0.02 each, reducing the authorized share capital from 500,000,000 shares to 25,000,000 shares [1] - Following the share consolidation, the company increased its authorized share capital from US$500,000 to US$10,000,000 by creating an additional 475,000,000 consolidated ordinary shares [1] - The company adopted a dual-class share structure, re-designating all issued and outstanding consolidated ordinary shares into Class A ordinary shares with one vote per share, and creating 100,000,000 Class B ordinary shares with 20 votes per share [1][2] Reverse Stock Split and Trading Adjustments - The reverse stock split will reduce the number of outstanding Class A ordinary shares from 410,883,973 to 20,544,198 shares [3] - The reverse stock split is aimed at meeting the minimum $1.00 per share requirement for maintaining the company's listing on NASDAQ [4] - The number of Class A ordinary shares issuable upon exercise of each outstanding public warrant will be decreased in proportion to the reverse stock split, and the exercise price of the warrants will be adjusted accordingly [5] Corporate Governance and Documentation - The company amended its memorandum and articles of association to allow for the automatic retirement of directors at the next annual general meeting or upon specified events, unless otherwise agreed in writing [1] - The board will file the requisite corporate documents with the Cayman Islands Companies Register to effect the adopted proposals [3] - The company's Class A ordinary shares will begin trading on a split-adjusted basis on the Nasdaq Capital Markets with a new CUSIP number starting October 9, 2024 [3] Company Overview - MicroCloud Hologram Inc provides holographic technology services, including high-precision holographic LiDAR solutions, holographic imaging solutions, and holographic digital twin technology services [7] - The company has developed a proprietary holographic digital twin technology resource library, utilizing holographic digital twin software, digital content, spatial data-driven data science, and holographic 3D capture technology [7]