NFT LTD. ANNOUNCES 1 FOR 50 REVERSE SHARE SPLIT
12 4월 2024 - 5:05AM
NFT Ltd. (NYSE American: MI) ("Company" or "NFT", formerly known as
Takung Art Co., Ltd.), as an emerging online trading platform
operator of international art and collectibles today announced that
a 1 for 50 reverse split of its Class A ordinary shares and Class B
ordinary shares was approved by the Company's shareholders on March
18, 2024 and is expected to become effective on or around April 12,
2024 (the “Reverse Split”).
Upon the effectiveness of the Reverse Split, NFT shareholders
will receive one new ordinary share of NFT for every fifty shares
they hold. NFT’s Class A ordinary shares are expected to begin
trading on a split-adjusted basis when the market opens on April
12, 2024.
The Reverse Split is expected to lead NFT’s Class A ordinary
shares to trade at approximately fifty times the price per share at
which it trades prior to the effectiveness of the Reverse Split.
NFT, however, cannot assure that the price of its Class A ordinary
shares after the Reverse Split will reflect the 1 for 50 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.
NFT's Articles and Memorandum of Association was amended and
restated in connection with the Reverse Split. As of April 11,
2024, there were approximately 154.5 million of NFT's Class A
ordinary shares outstanding. Effecting the Reverse Split will
reduce that amount to approximately 3.09 million Class A ordinary
shares outstanding.
Treatment of Stock Options and Restricted Shares
The number of ordinary shares into which NFT's outstanding stock
options and restricted shares as well as the options' relevant
exercise price per share will be proportionally adjusted to reflect
the Reverse Split. The number of shares authorized for issuance
under NFT's equity incentive plans will also be proportionally
reduced to reflect the Reverse Split.
Fractional Shares
Any fractional shares that would have resulted because of the
Reverse Split will be rounded up to the nearest whole share.
New Ordinary Share Certificates
NFT will adopt a new share certificate in connection with the
implementation of the reverse share split. NFT's transfer agent,
VStock Transfer LLC, will manage the exchange of share
certificates. Shareholders of record will receive a letter of
transmittal providing instructions for the exchange of their old
certificates as soon as practicable following the effectiveness of
the Reverse Split. Shareholders should not send in their old stock
certificates until they receive a letter of transmittal from VStock
Transfer LLC. Shareholders who hold their shares through a
securities broker or nominee (i.e., in "street name") will be
contacted by their brokers or nominees with any instructions.
For more information, shareholders and securities brokers should
contact VStock Transfer LLC at 212-828-8436.
About NFT Limited
NFT Limited (formerly known as Takung Art Co Ltd.)
operates an online electronic platform (www.nftoeo.com) for
offering and trading of digital artwork. Through its platform, the
Company allows artists/art dealers/owners to access a much bigger
art trading market where they can engage with a wide range of
investors. It generates revenue in the form of services in
connection with the offering and trading of artwork on its
platform, primarily consisting of listing fees, trading
commissions, and management fees. Please visit:
www.nftoeo.com.
Forward-Looking Statements
Certain statements in this press release may
constitute "forward-looking statements" within the meaning of the
Federal Securities Act, including but not limited to our
expectations of future financial performance, business strategy or
business. These statements constitute forecasts, prospects and
forward-looking statements and are not performance guarantees. NFT
warns that forward-looking statements are subject to many
assumptions, risks and uncertainties that will change over time.
Forward looking statements may be identified by words such as
"may", "can", "should", "will", "estimate", "plan", "project",
"forecast", "intend", "expect", "predict", "believe", "seek",
"target", "Outlook" or similar words.
These forward-looking statements are based on
information available as of the date of this press release and our
management's current expectations, forecasts and assumptions, and
involve a number of judgments, risks and uncertainties that may
cause actual results or performance to be materially different from
those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but not are limited to, the
risk factors described by NFT in its filings with the Securities
and Exchange Commission ("SEC").
SOURCE NFT
Contact: Jimmy Wang jimmyybwang@aliyun.com
+8618021079975
NFT (AMEX:MI)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 12월(12) 2024
NFT (AMEX:MI)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024