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. In addition to its offline sales, Farmmi sells its
products direct-to-consumer at http://www.farmmi88.com. For further
information about the Company, please visit:
http://ir.farmmi.com.cn/.
Forward-Looking Statements
No statement made in this press release should be interpreted as
an offer to purchase or sell any security. Such an offer can only
be made in accordance with the Securities Act of 1933, as amended,
and applicable state securities laws. Certain statements in this
press release concerning our future growth prospects are
forward-looking statements regarding our future business
expectations and intended to qualify for the "safe harbor" under
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from those in such forward-looking statements. The risks and
uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding lingering effects of
the Covid-19 pandemic on our customer's businesses and our end
purchaser's disposable income, our ability to raise capital on any
particular terms, fulfillment of customer orders, fluctuations in
earnings, fluctuations in foreign exchange rates, our ability to
manage growth, our ability to realize revenue from expanded
operation and acquired assets in China, our ability to attract and retain
skilled professionals, client concentration, industry segment
concentration, and general economic conditions affecting our
industry. Additional risks that could affect our future operating
results are more fully described in our United States Securities
and Exchange Commission filings. These filings are available at
www.sec.gov. Farmmi may, from time to time, make additional written
and oral forward-looking statements, including statements contained
in the Company's filings with the Securities and Exchange
Commission and our reports to shareholders. In addition, please
note that any forward-looking statements contained herein are based
on assumptions that we believe to be reasonable as of the date of
this press release. The Company does not undertake to update any
forward-looking statements that may be made from time to time by or
on behalf of the Company unless it is required by law.
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SOURCE Farmmi, Inc.
