Ostin Technology Group Announces Effective Date of Reverse Share Split

Core Viewpoint - Ostin Technology Group Co., Ltd. has announced a reverse share split of its ordinary shares at a ratio of 1-for-10, aimed at regaining compliance with Nasdaq's minimum bid price requirement [1][3]. Group 1: Reverse Share Split Details - The reverse share split will reduce the total number of outstanding Class A ordinary shares from approximately 18.1 million to approximately 1.81 million [2]. - The effective date for the reverse share split is set for December 26, 2024, with trading to commence on an adjusted basis under the existing ticker symbol "OST" [1][2]. - No fractional shares will be issued; shareholders entitled to a fractional share will have their entitlement rounded up to the nearest whole share [4]. Group 2: Compliance and Corporate Actions - The reverse share split is part of the company's strategy to comply with Nasdaq Marketplace Rule 5550(a)(2), which requires a minimum bid price of at least $1.00 per share [3]. - The company has also amended its Memorandum of Association to proportionately reduce the number of authorized shares for issuance and adjust the par value of the post-reverse share split ordinary shares to $0.001 per share [3]. Group 3: Company Overview - Ostin Technology Group Co., Ltd. was founded in 2010 and specializes in the design, development, and manufacturing of TFT-LCD display modules and polarizers, primarily for consumer electronics, outdoor LCD displays, and automotive displays [5].