Caravelle International (CACO) has released an update.
Shareholders of Caravelle International Group have voted against a proposed reverse stock split that would have consolidated every 10 shares into 1 share, changing the authorized share capital structure. The extraordinary general meeting, initially lacking a quorum on May 22, was successfully held on May 29, with 63% of outstanding shares represented. The significant majority voted against the reverse stock split, with 34,054,714 votes opposing the consolidation.
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