Ostin Technology updates effective data of reverse share split

Ostin Technology (OST) Group announced an update to the effective date of its previously approved reverse share split of the Company’s Class A ordinary shares, with the split ratio set at 1-for-10. The Reverse Share Split was approved by the Company’s shareholders at an extraordinary general meeting held on November 25, 2024. The effective date for the Reverse Share Split has been revised from December 26, 2024 to December 31, 2024 and the Company’s Class A ordinary shares will begin trading on an adjusted basis, reflecting the Reverse Share Split, on December 31, 2024, under the existing ticker symbol “OST.” The new CUSIP number for the Company’s Class A ordinary shares will be G67927114. Upon the effectiveness of the Reverse Share Split, every ten shares of the Company’s issued and outstanding Class A ordinary shares as of the effective date will automatically be combined into one Class A ordinary share. This adjustment will reduce the total number of outstanding Class A ordinary shares of the Company from approximately 18.1 million to approximately 1.81 million. In conjunction with the Reverse Share Split, the Company also amended its Memorandum of Association to proportionately reduce the number of authorized shares for issuance and to adjust the par value of the post-reverse share split ordinary shares to $0.001 per share.The Reverse Share Split is part of the Company’s efforts to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) related to the minimum bid price of at least $1.00 per share of the Company’s ordinary shares.