Friday, September 02, 2016 10:51:39 AM
Item 8.01 Other Events.
The Board of Directors of Aoxin Tianli Group, Inc. (NASDAQ:ABAC), a British Virgin Islands company ("Aoxin Tianli" or the "Company"), has authorized a one (1) -for- four (4) reverse stock split (the “Reverse Split”) of its authorized and issued and outstanding common shares (the “Common Shares”). The Reverse Split will be effective, and the Common Shares will begin trading on the Nasdaq Capital Market (“Nasdaq”) on a split-adjusted basis, when NASDAQ determines that all conditions precedent to the Reverse Split have been satisfied, which is expected to occur in early September. Under the laws of the British Virgin Islands, shareholder approval of the Reverse Split is not required. The Reverse Split is intended to increase the per share trading price of the Common Shares to satisfy the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market. The Common Shares are subject to de-listing on September 19, 2016, if the closing bid price of the Company's Common Shares is not at or above $1.00 per share for a minimum of 10 consecutive business days prior to September 19, 2016.
Following the Reverse Split, the Common Shares will continue to trade on NASDAQ under the symbol “ABAC” but with a new CUSIP number G0404E 112 .
As a result of the Reverse Split, every four issued and outstanding Common Shares will automatically be combined into one issued and outstanding share. This will reduce the total number of issued and outstanding shares from 31,952,000 to approximately 7.99 million, and the number of authorized Common Shares will decrease from 100,000,000 to 25,000,000. No fractional shares will be issued. All fractional shares created by the Reverse Split will be rounded up to the nearest whole share.
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