Zhongchao Inc. Announces 1-for-10 Share Consolidation

Core Viewpoint - Zhongchao Inc. has announced a 1-for-10 share consolidation to regain compliance with Nasdaq listing requirements, effective February 29, 2024 [1][2]. Company Overview - Zhongchao Inc. is an offshore holding company based in the Cayman Islands, providing services for patients with cancer and other major diseases through its PRC operating entities [3]. - The company offers online healthcare information, professional training, patient management services, internet healthcare services, and pharmaceutical services [3]. Share Consolidation Details - The share consolidation will convert every ten Class A and Class B ordinary shares with a par value of US$0.0001 into one share with a par value of US$0.001 [2]. - No fractional shares will be issued; any resulting fractions will be rounded up to the next whole number [2]. - The consolidation was approved by the board of directors on January 9, 2024, and by shareholders on February 20, 2024 [2].