Infobird (NASDAQ: IFBD), a software-as-a-service provider of innovative AI-powered, or artificial-intelligence-enabled, customer engagement solutions, will be effecting a planned 1-for-8 shared consolidation of its ordinary shares. The share consolidation was approved at the company’s extraordinary general meetings of the shareholders, which was held on Feb. 20, 2024, in Hong Kong. Other items that were approved at the meeting include a capital reduction and share capital reorganization. According to the announcement, the company’s ordinary shares will begin trading on a post-share consolidation basis with market open on Feb. 27, 2024. The move was approved as the company is focused on regaining compliance with NASDAQ market requirements. When the share consolidation takes effect, every eight ordinary shares of a par value of $0.5 each will be consolidated into one ordinary share of a par value of $4 each. The announcement also noted that the capital reduction will become effective when the Grand Court of the Cayman Islands grants a court order approving the move. “After the capital reduction and reorganization, our ordinary shares will have the same voting rights and rights to dividends and distributions and will be identical in all other respects to our ordinary shares now authorized,” the company stated in the press release. “The share consolidation and the capital reduction and reorganization was approved by the company’s board of directors on Jan. 10, 2024, and its shareholders on Feb. 20, 2024.”
To view the full press release, visit https://ibn.fm/UqXVe
About Infobird Software Co. Ltd.
Infobird is a software-as-a-service (“SaaS”) provider of innovative artificial intelligence (“AI”)-powered or AI-enabled customer-engagement solutions. For more information about the company, visit www.Infobird.com.
NOTE TO INVESTORS: The latest news and updates relating to IFBD are available in the company’s newsroom at https://ibn.fm/IFBD
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