Universe Pharmaceuticals INC Announces Share Consolidation
November 13 2024 - 8:00AM
Universe Pharmaceuticals INC (NASDAQ: UPC) (“Universe
Pharmaceuticals” or the “Company”), a pharmaceutical producer and
distributor in China, today announced that the Company plans to
effect a share consolidation of 15 ordinary shares with par value
of US$0.01875 per share each in the Company’s issued and unissued
share capital into one (1) ordinary share with par value of
US$0.28125 (the “Share Consolidation”). As a result of the Share
Consolidation, each 15 pre-consolidation ordinary shares
outstanding will automatically combine and convert to one issued
and outstanding ordinary share without any action on the part of
the shareholders.
The Share Consolidation was made effective
at 5:00 p.m. Cayman Islands time on November 12, 2024. Beginning
with the opening of trading on November 18, 2024, U.S. Eastern
time, the Company’s ordinary shares will begin trading on a
post-Share Consolidation basis on the Nasdaq Capital Market under
the same symbol “UPC” but under a new CUSIP number of G9442G 120.
No fractional shares will be issued in connection with the Share
Consolidation. All fractional shares will be rounded up to the
whole number of shares. Immediately following the Share
Consolidation, the authorized share capital of the Company will be
US$140,625,000 divided into 450,000,000 ordinary shares, par value
US$0.28125 per share and 50,000,000 preferred shares, par value
US$0.28125 per share.
About Universe
Pharmaceuticals INC
Universe Pharmaceuticals INC, headquartered in
Ji’an, Jiangxi, China, is a pharmaceutical producer and distributor
in China. The Company specializes in the manufacturing, marketing,
sales and distribution of traditional Chinese medicine derivatives
products targeting the elderly with the goal of addressing their
physical conditions in the aging process and to promote their
general well-being. The Company also distributes and sells
biomedical drugs, medical instruments, Traditional Chinese Medicine
Pieces, and dietary supplements manufactured by third-party
pharmaceutical companies. Currently, the Company’s products are
sold in 30 provinces of China. For more information, visit the
company’s website at http://www.universe-pharmacy.com/.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as “may,” “will,” “expect,” ”anticipate,”
“aim,” “estimate,” “intend,” “plan,” “believe,” “potential,”
“continue,” “is/are likely to” or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to
review other factors that may affect its future results in the
Company’s registration statement and in its other filings with the
U.S. Securities and Exchange Commission.
For more
information, please contact:
Ms. Lin Yang Chief Financial Officer of Universe Pharmaceuticals
INC lin.yang@universe-pharmacy.com
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