MMTEC authorizes 1-for-8 reverse stock split

MMTEC (MTC) expects to implement a 1-for-8 reverse stock split on its common stock. The effective date is scheduled to be December 18, subject to the company’s satisfaction of Nasdaq Operations notice requirements, with trading to begin on a split-adjusted basis at the market open on that day. Trading in the common stock will continue on the Nasdaq Stock Market under the symbol “MTC”. The new CUSIP number for the common stock following the reverse stock split will be G6181K122. The reverse stock split at a ratio of 1-for-8 shares was approved by the Company’s board. The reverse stock split affects all stockholders uniformly and will not alter any stockholder’s percentage interest in the company’s outstanding common stock. In connection with the reverse stock split, the company filed a Second Amended and Restated Memorandum of Association with the Registry of Corporate Affairs of the British Virgin Islands to reduce the authorized number of shares of the company’s common stock from 5B shares to 625M shares, the reduction at the same ratio as its reduction in the issued and outstanding shares of common stock, and to increase the par value per share from 1c to 8c.