Treasure Global Announces 1:70 Reverse Stock Split
23 Febrero 2024 - 10:00AM
Treasure Global Inc (NASDAQ: TGL) (“Treasure Global” or the
“Company”), an innovative technology solutions provider, announced
today that it will effect a 1-for-70 reverse stock split (“Reverse
Stock Split”) of its common stock, par value $0.00001 per share
(“Common Stock”). Treasure Global’s Common Stock will continue to
trade on The Nasdaq Capital Market (“Nasdaq”) under the existing
symbol “TGL” and will begin trading on a split-adjusted basis when
the market opens on February 27, 2024. The new CUSIP number for the
Common Stock following the Reverse Stock Split will be 89458T205.
The Reverse Stock Split is primarily intended to
bring the Company into compliance with the $1.00 minimum bid price
requirement for maintaining its listing on Nasdaq. There is no
guarantee the Company will meet the minimum bid price
requirement.
On January 5, 2024, the Company’s stockholders
approved a proposal to authorize a reverse stock split of the
Common Stock at a ratio within the range of 1-for-10 and 1-for-70
with the authority delegated to the Board of Directors of the
Company, to determine the exact reverse split ratio and when to
file the Certificate of Amendment with the Secretary of State of
the State of Delaware. The Company’s Board of Directors approved a
1-for-70 reverse split ratio and on February 22, 2024, the Company
filed a Certificate of Amendment to its Certificate of
Incorporation to effect the Reverse Stock Split.
The 1-for-70 reverse stock split will
automatically combine and convert seventy current shares of the
Common Stock into one issued and outstanding new share of Common
Stock. Proportional adjustments also will be made to shares
underlying outstanding equity awards, warrants and convertible
notes, and to the number of shares issued and issuable under the
Company’s stock incentive plans and certain existing agreements.
The Reverse Stock Split will not change the par value of the Common
Stock nor the authorized number of shares of Common Stock,
preferred stock or any series of preferred stock.
No fractional shares will be issued in
connection with the Reverse Stock Split. All fractional shares will
be rounded up to the next whole share. The Reverse Stock Split will
affect all stockholders uniformly and will not alter any
stockholder’s percentage interest in the Company’s equity.
The Company’s transfer agent, Vstock Transfer,
LLC, will serve as the agent for the Reverse Stock Split.
Registered stockholders holding pre-split shares of the Common
Stock electronically in book-entry form are not required to take
any action to receive post-split shares. Stockholders owning shares
via a broker, bank, trust or other nominee will have their
positions automatically adjusted to reflect the Reverse Stock Split
and will not be required to take any action in connection with the
Reverse Stock Split.
About Treasure Global Inc
Treasure Global is a Malaysian solutions
provider developing innovative technology platforms. Treasure
Global has developed two technology solutions: the ZCITY App, a
unique digital ecosystem that transforms and simplifies the
e-payment experience for consumers, while simultaneously allowing
them to earn rewards; and TAZTE, a digital food and beverage
management system providing merchants with a one-stop management
and automated solution to digitize their businesses. Treasure
Global also acts as a master franchiser in South-East Asia for
popular restaurant chains, while providing them with the TAZTE
solution. As of December 31, 2023, ZCITY had over 2,680,000
registered users.
For more information, please visit
https://treasureglobal.co/.
Forward-Looking Statements
This press release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements are
characterized by future or conditional verbs such as “may,” “will,”
“expect,” “intend,” “anticipate,” “believe,” “estimate” and
“continue” or similar words. You should read statements that
contain these words carefully because they discuss future
expectations and plans, which contain projections of future results
of operations or financial condition and other forward-looking
information. Forward-looking statements are not guarantees of
future performance, are based on certain assumptions, and are
subject to various known and unknown risks and uncertainties, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company’s Annual Report on
Form 10-K for the fiscal year ended June 30, 2023 and subsequent
filings filed with the Securities Exchange Commission (“SEC”).
Copies of these documents are available on the SEC’s website,
www.sec.gov. These forward-looking statements cannot be predicted
or quantified and consequently, actual results may differ
materially from those expressed or implied by such forward-looking
statements. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
For further information, please
contact:
U.S. Investor ContactErika
KayKCSA Strategic Communicationsir_us@treasuregroup.co
Malaysian Investor
Contactsir_my@treasuregroup.co
Media ContactSue Chuah, Chief
Marketing OfficerTreasure Global
Incmediacontact@treasuregroup.co
Treasure Global (NASDAQ:TGL)
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