BEIJING, April 25,
2024 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ:
RCON) ("Recon" or the "Company") announced today that the Company's
shareholders approved on March 29,
2024 to effect a reverse stock split of the Company's Class
A ordinary shares at the ratio of one-for-eighteen with the market
effective date of May 1, 2024.
The objective of the reverse stock split is to enable the
Company to regain compliance with the NASDAQ Marketplace Rule
5550(a)(2) and maintain its listing on Nasdaq.
Beginning with the opening of trading on May 1, 2024, the Company's ordinary shares will
trade on the NASDAQ Capital Market on a split-adjusted basis, under
the same symbol "RCON" but under a new CUSIP Number, G7415M132.
The reverse stock split will reduce the number of Class A
ordinary shares issued and outstanding from approximately
141,803,218 to approximately 7,877,956 (subject to adjustment due
to the effect of rounding fractional shares into whole shares).
As a result of the reverse stock split, each eighteen pre-split
Class A ordinary shares outstanding will automatically combine and
convert to one issued and outstanding Class A ordinary share
without any action on the part of the shareholder. No fractional
ordinary shares will be issued to any shareholders in connection
with the reverse stock split. Each shareholder will be entitled to
receive one Class A ordinary share in lieu of the fractional share
that would have resulted from the reverse stock split.
About Recon Technology,
Ltd.
Recon Technology, Ltd (NASDAQ: RCON) is the People's Republic of China's first
NASDAQ-listed non-state owned oil and gas field service company.
Recon supplies China's largest oil
exploration companies, Sinopec (NYSE: SNP) and The China National
Petroleum Corporation ("CNPC"), with advanced automated
technologies, efficient gathering and transportation equipment and
reservoir stimulation measure for increasing petroleum extraction
levels, reducing impurities and lowering production costs. Through
the years, RCON has taken leading positions within several
segmented markets of the oil and gas filed service industry. RCON
also has developed stable long-term cooperation relationship with
its major clients. For additional information please visit:
http://www.recon.cn/.
Forward-Looking Statements
Recon includes "forward-looking statements" within the meaning
of the federal securities laws throughout this press release. A
reader can identify forward-looking statements because they are not
limited to historical fact or they use words such as "scheduled,"
"may," "will," "could," "should," "would," "expect," "believe,"
"anticipate," "project," "plan," "estimate," "forecast," "goal,"
"objective," "committed," "intend," "continue," or "will likely
result," and similar expressions that concern Recon's strategy,
plans, intentions or beliefs about future occurrences or results.
Forward-looking statements are subject to risks, uncertainties and
other factors that may change at any time and may cause actual
results to differ materially from those that Recon expected. Many
of these statements are derived from Recon's operating budgets and
forecasts, which are based on many detailed assumptions that Recon
believes are reasonable, or are based on various assumptions about
certain plans, activities or events which we expect will or may
occur in the future. However, it is very difficult to predict the
effect of known factors, and Recon cannot anticipate all factors
that could affect actual results that may be important to an
investor. All forward-looking information should be evaluated in
the context of these risks, uncertainties and other factors,
including those factors disclosed under "Risk Factors" in Recon's
most recent Annual Report on Form 20-F and any subsequent half-year
financial filings on Form 6-K filed with the Securities and
Exchange Commission. All forward-looking statements are qualified
in their entirety by the cautionary statements that Recon makes
from time to time in its SEC filings and public communications.
Recon cannot assure the reader that it will realize the results or
developments Recon anticipates, or, even if substantially realized,
that they will result in the consequences or affect Recon or its
operations in the way Recon expects. Forward-looking statements
speak only as of the date made. Recon undertakes no obligation to
update or revise any forward-looking statements to reflect events
or circumstances arising after the date on which they were made,
except as otherwise required by law. As a result of these risks and
uncertainties, readers are cautioned not to place undue reliance on
any forward-looking statements included herein or that may be made
elsewhere from time to time by, or on behalf of, Recon.
View original
content:https://www.prnewswire.com/news-releases/recon-technology-announces-1-for-18-reverse-stock-split-302127225.html
SOURCE Recon Technology, Ltd