Core Viewpoint - MMTEC, Inc. plans to implement a 1-for-8 reverse stock split on its common stock, effective December 18, 2024, pending Nasdaq Operations notice requirements [1][2]. Group 1: Reverse Stock Split Details - The reverse stock split will convert every 8 shares of the Company's issued and outstanding common stock into one share, with no fractional shares issued; any resulting fractional shares will be rounded up to the next whole number [3]. - The Company's Board of Directors approved the reverse stock split on November 21, 2024, and no stockholder approval is required under British Virgin Islands law [4]. Group 2: Changes in Share Structure - In conjunction with the reverse stock split, the Company will reduce the authorized number of shares from 5,000,000,000 to 625,000,000 shares, maintaining the same ratio as the reduction in issued and outstanding shares, and increase the par value per share from 0.08 [4]. Group 3: Company Overview - MMTEC, Inc. is headquartered in Hong Kong and primarily focuses on investment banking and asset management, providing comprehensive financial services to its customers [5].
MMTEC, Inc. Announces 1-for-8 Reverse Stock Split