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Hong Kong, Dec. 02, 2024 (GLOBE NEWSWIRE) -- J-Long Group Limited (Nasdaq: JL), a Hong Kong based and established distributor of reflective and non-reflective garment trims including, among others, heat transfers, fabrics, woven labels and tapes, sewing badges, piping, zipper pulls and drawcords, today announced today that it is delaying the record date and effective time for the proposed share consolidation ("Reverse Stock Split") of its Ordinary Shares at a ratio of 1-for-10, until it receives approval to proceed from the Nasdaq Stock Market. The Company's Ordinary Shares, both before and after the Reverse Stock Split, will continue to trade under the existing ticker symbol "JL."
The Company's members (Stockholders) previously approved the reverse stock split and granted the Company's board of directors the authority to determine the final reverse stock split ratio and when to proceed with the reverse stock split at a Special Meeting of Stockholders held on November 18, 2024. The Company will file an Amendment to its Memorandum and Articles of Association to effect the share consolidation/reverse stock split at the ratio of 1-for-10 when the record date and effective time have been set following Nasdaq approval.
The primary goal of the Reverse Stock Split is to increase the per share market price of the Company’s Ordinary Shares to meet the minimum per share bid price requirement for continued listing on the Nasdaq Stock Market.
The CUSIP number for the Company’s Ordinary Shares will change following the reverse stock split.
As of the effective time, every 10 shares of the Company's issued and outstanding Ordinary Shares will be combined into one issued and outstanding Ordinary Share. The total number of authorized Ordinary Shares will be reduced from 30,000,000 to 3,000,000, and the par value will change to $0.000375 per share. No fractional Ordinary Shares will be issued in connection with the Reverse Stock Split, and any Shareholders of record who otherwise would be entitled to receive a fraction of a share because they hold a number of pre-split ordinary shares not evenly divisible by the number of pre-split ordinary shares for which each post-split ordinary share is to be exchanged shall be entitled to receive such number of ordinary shares as rounded down to the nearest whole share.
As of the Effective Time, proportional adjustments will also be made to the number of Ordinary Shares issuable upon the exercise of any outstanding stock options or warrants, and the exercise prices and stock price targets of any outstanding stock options, warrants, and equity awards will also be proportionately adjusted, as applicable.