Shineco announces 1-for-24 reverse stock split

Shineco (SISI) announced that effective at 12:01 a.m., EDT, on November 12, 2024, the Company will effect a one-for-twenty four reverse stock split of its outstanding common stock. The Reverse Stock Split is primarily intended to bring the Company into compliance with the minimum average closing share price requirement for maintaining its listing on the Nasdaq Capital Market. The Company’s common stock will continue to trade under the symbol “SISI”. Upon the effectiveness of the Reverse Stock Split, every twenty-four shares of issued and outstanding common stock before the open of business on November 12, 2024, will be combined into one issued and outstanding share of common stock, with no change in par value per share. The Company’s common stock will open for trading on Nasdaq on November 12, 2024, on a post-split basis but will trade under a new CUSIP Number, 824567507. As a result of the Reverse Stock Split, the Company will have 1,613,898 shares of common stock issued and outstanding. No fractional shares will be issued as a result of the Reverse Stock Split. Any fractional shares that would result from the Reverse Stock Split will be rounded up to the nearest whole share.