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MicroAlgo | 6-K: MicroAlgo Announces Results of its 2024 Extraordinary Meeting of the Shareholders

SEC announcement ·  Mar 20 13:15
Summary by Moomoo AI
MicroAlgo Inc. (NASDAQ: MLGO) has successfully conducted its 2024 Extraordinary General Meeting of the Shareholders (EGM) on March 15, 2024, at its headquarters in Shenzhen, China. During the EGM, shareholders approved two key proposals. The first was a Share Consolidation, which with immediate effect, consolidated every ten existing ordinary shares into one, changing the authorized share capital structure. The second proposal was a Share Capital Increase, which immediately followed the Share Consolidation, increasing the authorized share capital from US$200,000 to US$2,000,000 by creating additional shares. The reverse stock split aims to meet NASDAQ's minimum share price requirement for continued listing. As a result, the number of outstanding ordinary shares will reduce from 76,147,448 to approximately 7,614,745 shares. The Company's ordinary shares will trade...Show More
MicroAlgo Inc. (NASDAQ: MLGO) has successfully conducted its 2024 Extraordinary General Meeting of the Shareholders (EGM) on March 15, 2024, at its headquarters in Shenzhen, China. During the EGM, shareholders approved two key proposals. The first was a Share Consolidation, which with immediate effect, consolidated every ten existing ordinary shares into one, changing the authorized share capital structure. The second proposal was a Share Capital Increase, which immediately followed the Share Consolidation, increasing the authorized share capital from US$200,000 to US$2,000,000 by creating additional shares. The reverse stock split aims to meet NASDAQ's minimum share price requirement for continued listing. As a result, the number of outstanding ordinary shares will reduce from 76,147,448 to approximately 7,614,745 shares. The Company's ordinary shares will trade on a split-adjusted basis from March 22, 2024, with a new CUSIP number. Shareholders who would otherwise hold a fraction of a share after the consolidation will be rounded up to the nearest whole number. Additionally, the exercise price of the Company's warrants will adjust from $11.50 to $115.00. MicroAlgo specializes in the development and application of central processing algorithms, offering solutions that integrate these algorithms with software or hardware to enhance customer satisfaction and achieve various technical goals.

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