HAIKOU,
China, Feb. 23, 2024 /PRNewswire/ --
China Pharma Holdings Inc. ("China Pharma" or the
"Company") (NYSE American: CPHI) reported that it
expects to implement a 1-for-5 reverse stock split on its
common stock effective Wednesday, March 6,
2024, with trading to begin on a split-adjusted basis at the
market open on that day. Trading in the common stock will continue
on the NYSE American under the symbol "CPHI". The new CUSIP number
for the common stock following the reverse stock split is
16941T-302.
The reverse stock split at a ratio of 1-for-5 shares
was approved by the Company's Board of Directors through unanimous
written consent on October 16, 2023
and adopted by the Company's stockholders through Annual Meeting
for the fiscal year ended on December 31,
2022, which was held on December 17,
2023.
Upon the effectiveness of the reverse stock split, every 5
shares of the Company's issued and outstanding common stock will
automatically be converted into one share of issued and outstanding
common stock. No fractional shares will be issued as a result of
the reverse stock split. Instead, any fractional shares that would
have resulted from the split will be rounded up to the next whole
number. The reverse stock split affects all stockholders uniformly
and will not alter any stockholder's percentage interest in the
Company's outstanding common stock, except for adjustments that may
result from the treatment of fractional shares.
About China Pharma Holdings, Inc.
China Pharma Holdings, Inc. (NYSE American: CPHI) is a specialty
pharmaceutical company that develops, manufactures, and markets a
diversified portfolio of products, focusing on conditions with high
incidence and high mortality rates in China, including cardiovascular, CNS,
infectious, and digestive diseases. The Company's cost-effective
business model is driven by market demand and supported by new
GMP-certified product lines covering the major dosage forms. In
addition, the Company has a broad and expanding nationwide
distribution network across all major cities and provinces in
China. The Company's wholly-owned
subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd.,
is located in Haikou City,
Hainan Province. For more
information about China Pharma Holdings, Inc., please visit
www.chinapharmaholdings.com. The Company routinely posts important
information on its website.
Safe Harbor Statement
Certain statements in this press release constitute
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Any statements set forth above that are not historical facts
are forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. Such risks and uncertainties may
include, but are not limited to: the achievability of financial
guidance; success of new product development; unanticipated changes
in product demand; increased competition; downturns in the Chinese
economy; uncompetitive levels of research and development; and
other information detailed from time to time in the Company's
filings and future filings with the United States Securities and
Exchange Commission. The forward-looking statements made herein
speak only as of the date of this press release and the Company
undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in the Company's
expectations, except as required by applicable law or
regulation.
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SOURCE China Pharma Holdings, Inc.