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Golden Sun Health Technology Group Limited, formerly known as Golden Sun Education Group Limited (the "Company" or "Golden Sun") (NASDAQ:GSUN), a provider of tutorial services in China, today announced that the shareholders of the Company had approved a proposed 1-for-10 share consolidation of the Company's ordinary shares (the "Share Consolidation") at an extraordinary general meeting of shareholders (the "Meeting") held on April 11, 2024, at 8th Floor, Administration Building, 390 East Tiyuhui Road, Hongkou District, Shanghai, China.
At the opening of trading on April 19, 2024, the Company's class A ordinary shares will begin trading on a post-Share Consolidation basis on the Nasdaq Stock Market under the same symbol "GSUN", but under a new CUSIP number of G4013A115. The primary objective of the Share Consolidation is to enable the Company to regain compliance with Nasdaq Listing Rule 5550(a)(2) relating to the minimum bid price per share of the Company's Class A ordinary shares.
As a result of the Share Consolidation, every ten issued and outstanding ordinary shares of a par value of US$0.0005 each will be consolidated into one issued and outstanding ordinary share of a par value of US$0.005 each. No fractional shares will be issued; instead, any fractional shares that would have resulted from the Share Consolidation will be rounded up to the next whole number. The Share Consolidation affects all shareholders uniformly and will not alter any shareholder's percentage interest in the Company's outstanding ordinary shares, except for adjustments that may result from the rounding up of fractional shares.
Posted In: GSUN
