ANTE - AirNet announces date for EGM and proposed ADS ratio change
- AirNet Technology ( NASDAQ: ANTE ) on Friday announced an extraordinary general meeting (EGM) of shareholders in China on Nov 30, 2022 at 10:00 A.M. (Beijing time)
- To submit proposal at EGM to consider and vote on the resolution to consolidate every 40 of the authorized (whether issued or unissued) shares of each class of par value of US$0.001 each in the capital of the company into 1 share of the same class of par value of US$0.04 each.
- After consolidation, the authorized share capital of the company will be US$1M divided into 22.5M ordinary shares of a nominal or par value of US$0.04 each and 2.5M preferred shares of a nominal or par value of US$0.04 each.
- The record date for determining the shareholders entitled to receive notice of EGM or any adjournment or postponement thereof has been set as Nov 7, 2022.
- Subject to approval of share consolidation at the EGM, the share consolidation will be effective at 5:00 P.M., on Dec 9, 2022 (U.S. Eastern time).
- Board also approved, conditional upon share consolidation, to change the ratio of its American Depositary Receipts representing ordinary shares of the company from 1 ADS for 10 ordinary shares of the company to 1 ADS for 1 ordinary share of the company.
- The effect of ratio change on the ADS trading price on Nasdaq is expected to take place at the open of business on Dec 12, 2022, assuming the share consolidation is approved at the EGM on Nov 30, 2022.
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AirNet announces date for EGM and proposed ADS ratio change