Core Viewpoint - Infobird Co., Ltd has announced the approval of a 1-for-8 share consolidation and a capital reduction and reorganization to comply with Nasdaq listing requirements and maintain its market presence [1][2][5]. Share Consolidation - The share consolidation will take effect on February 27, 2024, with every eight ordinary shares of par value US4.0 [2][3]. - No fractional shares will be issued; any resulting fractional shares will be rounded up to the next whole number [3]. Capital Reduction and Reorganization - The capital reduction will be effective upon receiving a court order from the Grand Court of the Cayman Islands, changing the authorized share capital from US4.00 each to US0.00001 each [4]. - The capital reduction will be applied uniformly to all issued shares and will not affect shareholders' percentage ownership interests [4]. Approval Process - The board of directors approved the share consolidation and capital reduction on January 10, 2024, and shareholders approved it on February 20, 2024 [5].
Infobird Co., Ltd Announces 1-for-8 Share Consolidation and Capital Reduction