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BEIJING, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Global Mofy AI Limited (the “Company” or “Global Mofy”) (Nasdaq: GMM), a generative AI-driven technology solutions provider engaged in virtual content production and the development of 3D digital assets for use in the broader digital content industry, today announced that it has resolved to effect a reverse stock split of the Company’s ordinary shares, with the split ratio set at 1-for-15. The reverse stock split was approved by the Company’s shareholders at a special meeting held on November 1, 2024. Global Mofy’s Class A ordinary shares will begin trading on an adjusted basis, reflecting the reverse stock split, on November 26, 2024, under the existing ticker symbol “GMM.” The new CUSIP number for the Company’s Class A ordinary shares will be G3937M114.
Upon the effectiveness of the reverse stock split, every fifteen shares of the Company’s issued and outstanding Class A ordinary shares as of the effective date will automatically be combined into one Class A ordinary share. This adjustment will reduce the total number of outstanding ordinary shares of Global Mofy from approximately 42.2 million to approximately 2.8 million.
In conjunction with the reverse stock split, the Company also amended its Memorandum of Association to proportionately reduce the number of authorized shares for issuance and to adjust the par value of the post-reverse stock split ordinary shares to $0.00003 per share.
The reverse stock split is part of the Company’s efforts to bring its stock into compliance with the minimum bid price requirement for maintaining the listing of its Common Stock on the Nasdaq Capital Market. Nasdaq requires listed companies to maintain a minimum bid price of at least $1.00 per share to remain in compliance with its listing standards.
In addition, outstanding warrants and options will be adjusted on a proportionate basis or pursuant to the terms of such warrants and options in accordance with the reverse stock split. No fractional shares will be issued; instead, shareholders who would otherwise be entitled to a fractional share will have their entitlement rounded up to the nearest whole share.
Further details regarding the reverse stock split and the associated changes to the Company’s share capital can be found in Global Mofy’s notice of special meeting, filed with the Securities and Exchange Commission on October 18, 2024.
About Global Mofy AI Limited
Global Mofy AI Limited (Nasdaq: GMM) is a generative AI-driven technology solutions provider engaged in virtual content production, and the development of digital assets for the digital content industry. Utilizing its proprietary "Mofy Lab" technology platform, which consists of interactive 3D and artificial intelligence ("AI") technology, the Company creates high-definition virtual versions of a wide range of physical world objects in 3D ranging from characters, objects to scenes and more. The digital assets can be used in different applications, including movies, TV series, AR/VR, animation, advertising, gaming, and more. Global Mofy Metaverse is one of the leading digital asset banks in China, which consists of more than 100,000 high-precision 3D digital assets. For more information, please visit www.globalmofy.cn/ or ir.globalmofy.cn.