Autozi Internet Technology Plans 10-for-1 Consolidation Effective March 23 for Nasdaq Compliance
Autozi Internet Technology approved a 10-for-1 share consolidation effective March 23, converting each 10 Class A ordinary shares (total 44,891,221) into one share for approximately 4,489,123 outstanding Class A shares and adjusting par value to US$0.0005. The board initiated the action to regain compliance with Nasdaq Marketplace Rule 5550(a)(2).
1. Consolidation Details
The board approved a 10-for-1 consolidation effective March 23, combining each ten Class A ordinary shares into one share under a new CUSIP. Trading on the Nasdaq Global Market will reflect the split-adjusted share count and maintain the existing “AZI” symbol without requiring shareholder action.
2. Nasdaq Compliance Objective
The consolidation aims to ensure compliance with Nasdaq Marketplace Rule 5550(a)(2) by boosting the per-share price and preserving the company’s listing. Management views the action as a necessary step to avoid potential delisting and support market stability.
3. Capital Structure Adjustments
Authorized share capital will change from US$500,000 divided into 9,600,000,000 Class A shares at US$0.00005 par value and 400,000,000 Class B shares at US$0.00005 par value, to US$500,000 divided into 960,000,000 Class A shares and 40,000,000 Class B shares at US$0.0005 par value. Outstanding Class A shares will convert from 44,891,221 to approximately 4,489,123, and Class B shares from 613,102 to roughly 61,311.