MKDWELL Tech Board Approves 30-for-1 Share Combination
MKDWELL Tech Board of Directors has approved a share combination on its ordinary shares and the Class A Preferred Shares on a thirty-to-one basis. The Company will file an amended and restated memorandum and articles of association with the BVI Registry of Corporate Affairs to effect the Share Combination. The Share Combination will take effect at 9:00 a.m., Eastern Time, on January 26. The ordinary shares will continue to trade on The Nasdaq Capital Market under the existing symbol "MKDW" and will begin trading on a split-adjusted basis when the market opens on January 26. The new CUSIP number for the ordinary share following the Share Combination will be G6209W124. At the Effective Time, every 30 shares of the Company's issued ordinary shares will be automatically reclassified and combined into 1 ordinary share with no par value. As a result of the Share Combination, the number of issued ordinary shares will reduce from 141,039,933 shares to approximately 4,701,332 shares, and the number of ordinary shares outstanding will reduce from 106,459,933 to approximately 3,548,665 shares. No fractional shares will be issued in connection with the Share Combination and fractional amounts will be rounded up to the nearest whole number at the participant level. The Share Combination is a proactive measure as part of the Company's strategic plan to regain compliance with Nasdaq's continued listing requirements, while also strengthening the Company's long-term capital structure.
