LISHUI, China, Sept. 22, 2023 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), announced today that at the Company's shareholder meeting on September 21, 2023, shareholders approved the previously proposed consolidation of the Company's ordinary shares at the ratio of one-for-eight with the market effective date of September 25, 2023.
The objective of the share consolidation is to enable the Company to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing on Nasdaq. The Company continues to meet all other listing standards.
Beginning with the opening of trading on September 25, 2023, the Company's ordinary shares will trade on the Nasdaq Capital Market on a split-adjusted basis, under the same symbol "FAMI" but under a new CUSIP Number, G33277131.
As a result of the share consolidation, each eight ordinary shares outstanding will automatically combine and convert to one issued and outstanding ordinary share without any action required on the part of shareholders. No fractional ordinary shares will be issued to any shareholders in connection with the share consolidation. Any fractional shares will instead be redeemed by the Company.
The share consolidation will reduce the number of ordinary shares issued and outstanding from 47,470,672 to approximately 5,933,834 (subject to the redemption of the fractional shares at the closing price of the ordinary shares on September 25, 2023). The authorized number of ordinary shares will be reduced by the same one-for-eight ratio from 100,000,000 to 12,500,000.
About Farmmi, Inc.
Established in 1998, Farmmi Inc. (NASDAQ: FAMI) is an agricultural products supplier, processor and retailer of edible mushrooms like Shiitake and Mu Er, as well as other agricultural products.
SOURCE Farmmi, Inc.