Core Viewpoint - U-BX Technology Ltd. has announced a reverse stock split of its ordinary shares at a ratio of 1-for-16, which will reduce the number of outstanding shares from 29.7 million to approximately 1.9 million, effective November 27, 2024 [1][2]. Group 1: Reverse Stock Split Details - The reverse stock split will automatically combine every sixteen shares into one ordinary share, resulting in a significant reduction in the number of shares outstanding [2]. - The Company has amended its Memorandum of Association to proportionately reduce the number of authorized ordinary shares for issuance and change the par value of post-reverse stock split ordinary shares to $0.0016 per share [2]. - No fractional shares will be issued; shareholders entitled to receive a fractional share will receive one full share instead [3]. Group 2: Company Overview - U-BX Technology Ltd. is headquartered in Beijing and specializes in providing value-added services using artificial intelligence-driven technology to the insurance industry [5]. - The Company's services include digital promotion services, risk assessment services through its "Magic Mirror" algorithm, and bundled benefits for insurance carriers [5].
U-BX Technology Ltd. Announces Effective Date of Reverse Stock Split