preloader icon

Apex Trader Funding (ATF) - News

Qilian International Holding Group Limited Announces 1 for 5 Reverse Share Split

CHENGDU, China, June 18, 2024 /PRNewswire/ -- Qilian International Holding Group Limited (NASDAQ:QLI) ("Qilian" or the "Company"), a China-based pharmaceutical and chemical products manufacturer, announced today that an 1 for 5 reverse split of its authorized share capital, was approved by the Company's board of directors on May 29, 2023 and will become effective on June 21, 2024. In connection with the reverse share split, the Company's shareholders will receive one new Class A ordinary share or Class B ordinary share of the Company for every five Class A ordinary shares or every five Class B ordinary shares they hold, respectively. The Company's Class A ordinary shares are expected to begin trading on a split-adjusted basis when the market opens on June 21, 2024. The reverse share split is expected to lead the Company's Class A ordinary shares to trade at approximately five times the price per share at which it trades prior to the effectiveness of the reverse share split. The Company, however, cannot assure that the price of its Class A ordinary shares after the reverse split will reflect the 1 for 5 reverse split ratio, that the price per share following the effective time of the reverse split will be maintained for any period of time, or that the price will remain above the pre-split trading price. The Company has filed the Amended and Restated Articles and Memorandum of Association in connection with the reverse share split. Immediately prior to the reverse split, there are 23,750,000 ...