Origin Agritech Announces Reserve Stock Split Exchange Date
Origin Agritech Limited (the “Company” or “Origin”) will implement a reverse stock split of its outstanding ordinary shares at a ratio of 1 new share for each 10 currently outstanding ordinary shares.
The exchange date will be July 10, 2018.
The reverse stock split will reduce the number of outstanding shares to 2,787,273 ordinary shares, subject to additional shares being issued for fractional shares and preservation of round lots. There will be no change to the number of authorized ordinary shares or par value.
When the reverse stock split becomes effective, each outstanding ten ordinary shares of Origin automatically will be changed into one ordinary share. No fractional shares will be issued as a result of the reverse stock split. Shareholders who otherwise would be entitled to a fractional share because they hold a number of shares not evenly divisible by the 1-for-10 reverse split ratio, automatically will be entitled to receive an additional fractional ordinary share of the Company to round up to the next whole share. The reverse split will also preserve round lots of 100 shares, meaning that if the reverse split results in a shareholder holding less than 100 shares, the Company will issue, at no cost, additional shares to increase the holding to a full 100 shares.
There will no change to the number of authorized ordinary shares or par value of an ordinary share.
The Company has appointed Continental Stock Transfer & Trust Company as its exchange agent.
I read tea leaves. Keeping my teacup full.
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