Zhongchao to Effectuate 1-for-8 Share Consolidation
Zhongchao will effectuate a 1-for-8 share consolidation of the company's ordinary shares of $0.001 par value each. Beginning with the opening of trading on March 2, the company's Class A ordinary shares will begin trading on a post-Share Consolidation basis on Nasdaq under the same symbol "ZCMD", but under a new CUSIP number of G9897X123. The objective of the Share Consolidation is to enable the company to regain compliance and maintain its listing on the Nasdaq Capital Market. Upon the effectiveness of the Share Consolidation, every eight Class A ordinary shares with a par value of $0.001 each will be consolidated into one Class A ordinary share with a par value of US$0.008 each, and every eight Class B ordinary shares with a par value of $0.001 each will be consolidated into one Class B ordinary share with a par value of $0.008 each. No fractional shares will be issued as a result of the Share Consolidation. As a result of the Consolidation, the company will have approximately 3,219,267 Class A ordinary shares and 624,972 Class B ordinary shares issued and outstanding, respectively.
