Color Star Technology announces 100-for-1 reverse share split

Color Star Technology (ADD) announced that it will effect a 100-for-1 reverse share split of its Class A and Class B ordinary shares. The Company anticipates that the reverse share split will be effective upon the commencement of trading on the Nasdaq Capital Market on November 15, 2024. On September 29, 2024, the shareholders of the Company approved the 100-for-1 reverse share split and corresponding changes in the Sixth Amended and Restated Memorandum and Articles of Association. As a result of the reverse share split, the number of ordinary shares outstanding will be reduced from approximately 70 million Class A Ordinary Shares and 1.2 million Class B Ordinary Shares to approximately 0.7 million Class A Ordinary Shares and 12,000 Class B Ordinary Shares, respectively, subject to rounding up of all fractional shares to the nearest whole share in lieu of such fractional shares. The authorized capital of the Company will be increased to USD$32 million divided into 280 billion Class A Ordinary Shares with a par value of USD$0.0001 per share and 40 billion Class B Ordinary Shares with a par value of USD$0.0001 per share. The Company’s Class A Ordinary Shares will begin trading on a split-adjusted basis when the market opens on November 15, 2024.