SavMobi Technology Inc (SVMB) has released an update to notify the public and investors about a material modification to rights of security holders.
Jingbo Technology, Inc. has executed a 1-for-200 reverse stock split, automatically converting shareholders’ stocks to fewer shares without changing their proportional ownership or voting power. The company’s authorized shares dropped from 10 billion to 50 million, and outstanding shares decreased accordingly. No fractional shares will be issued; instead, shareholders will receive rounded-up whole shares. Those with electronic shares need not act, while holders of paper certificates can request a new certificate reflecting the change. The reverse split maintains the common stock’s par value and does not affect shareholders’ rights or privileges.
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For a comprehensive understanding of the announcement, you can read the full document here.
