Borqs Technologies, Inc., a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, with global operations in the U.S., India and China, announced that its board of directors has approved a 1-for-16 reverse split for the Company’s common stock. The reverse stock split is anticipated to take effect on June 27, 2022.
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Accordingly, at the effective date, every sixteen issued and outstanding shares of the Company’s common stock will be converted into one share of the Company’s common stock. The Company’s common stock is expected to begin trading on the Nasdaq Capital Market on a post-split basis beginning on June 27, 2022, under a new CUSIP number: G1466B202.
“I would like to thank our shareholders for their support. The reverse stock split is needed to ensure that our Company’s common shares will remain to be listed on Nasdaq,” said Pat Chan, Chief Executive Officer of Borqs Technologies. “Our ESG strategy toward building products for 5G, IoT and solar are gaining a lot of tractions. Our recent announcements of winning the Kunia Village solar plus energy storage in Oahu, Hawaii and the participation in Hawaiian Electric Battery Bonus Program are the beginning of some of the more exciting developments of the Company. The recent strategic investment of $16 million from strategic investors for growing of our solar plus energy storage business is a good demonstration of our investors’ confidence in our business.”
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Continental Stock Transfer & Trust Company is acting as exchange agent for the common stock reverse stock split and will send instructions to any shareholders of record who hold stock certificates regarding the exchange of certificates for common stock. Shareholders who hold their shares in brokerage accounts or “street name” are not required to take any action to effect the exchange of their shares following the reverse stock split. Continental Stock Transfer may be reached for questions at (212) 509-4000. The reverse stock split will also have a proportionate effect on its warrants outstanding as of such effective date of such reverse stock splits. Any fractional shares as a result of the reverse stock split will be adjusted upwards.
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