Fitell Corporation Announces Share Consolidation

Group 1 - Fitell Corporation will implement a share consolidation at a ratio of 1-for-16, effective September 23, 2025, to meet Nasdaq's minimum bid price requirement [1][2] - The consolidation will automatically convert every sixteen shares into one ordinary share, with no fractional shares issued; any fractional shares will be rounded up to one share [3] - Shareholders holding shares in electronic form will not need to take action, as the consolidation will be reflected in their brokerage accounts [3][4] Group 2 - Fitell Corporation, through its subsidiary GD Wellness Pty Ltd, is an online retailer of gym and fitness equipment in Australia, serving over 100,000 customers [5] - The company offers products under three proprietary brands: Muscle Motion, Rapid Motion, and FleetX, with over 2,000 stock-keeping units (SKUs) [5]