Haoxi Health Technology Limited announced a 1-for-25 reverse share split, effective January 27, 2025, approved by shareholders.
Quiver AI Summary
Haoxi Health Technology Limited, based in Beijing, announced a 1-for-25 reverse share split of its ordinary shares, approved by shareholders on January 10, 2025. The split will reduce the number of outstanding Class A ordinary shares from approximately 53.29 million to about 2.13 million, and Class B shares from 17.27 million to 0.69 million. The adjusted Class A shares will start trading on the Nasdaq Capital Market under the ticker symbol "HAO" beginning January 27, 2025. The move aims to increase share price and will also involve changes to the company's Articles and Memorandum of Association, including the par value adjustment to $0.0025 per share. However, the company cautions that the post-split share price may not reflect the intended increase. Further details are available in the company's filing with the SEC.
Potential Positives
- Approval of a reverse share split can potentially enhance the Company's stock price by decreasing the total number of shares outstanding, which may attract investment interest.
- The reverse share split was approved by shareholders, indicating their support for the Company's strategic decisions and future direction.
- The adjustment in the trading price of the Company’s Class A ordinary shares post-split may signal a positive market perception and increase liquidity.
Potential Negatives
- The announcement of a reverse share split may signal to investors that the company's stock price is weak, necessitating such a move to maintain listing standards on Nasdaq.
- The company cannot assure investors that the post-split share price will reflect the intended valuation, leading to uncertainty about future market performance.
- The significant reduction in the number of outstanding shares raises concerns about liquidity and trading volume, which might adversely affect investor interest and stock stability.
FAQ
What is the reverse share split ratio for Haoxi Health Technology?
The reverse share split ratio for Haoxi Health Technology is set at 1-for-25.
When will Haoxi's shares begin trading after the reverse split?
Haoxi's shares will begin trading on an adjusted basis on January 27, 2025.
How many shares will result from the reverse split?
The reverse split will reduce the total Class A shares from approximately 53.29 million to 2.13 million.
What changes will occur to the company's authorized shares?
The Company will proportionately reduce the number of authorized shares for issuance after the reverse split.
Will shareholders receive fractional shares after the reverse split?
No fractional shares will be issued; entitlements will be rounded up to the nearest whole share.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$HAO Hedge Fund Activity
We have seen 11 institutional investors add shares of $HAO stock to their portfolio, and 4 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- METEORA CAPITAL, LLC added 486,953 shares (+inf%) to their portfolio in Q3 2024, for an estimated $175,351
- SABBY MANAGEMENT, LLC added 347,413 shares (+inf%) to their portfolio in Q3 2024, for an estimated $125,103
- BOOTHBAY FUND MANAGEMENT, LLC added 243,476 shares (+inf%) to their portfolio in Q3 2024, for an estimated $87,675
- RENAISSANCE TECHNOLOGIES LLC added 83,600 shares (+inf%) to their portfolio in Q3 2024, for an estimated $30,104
- UBS GROUP AG added 68,221 shares (+638.2%) to their portfolio in Q3 2024, for an estimated $24,566
- ANSON FUNDS MANAGEMENT LP added 53,102 shares (+inf%) to their portfolio in Q3 2024, for an estimated $19,122
- HRT FINANCIAL LP added 43,838 shares (+361.9%) to their portfolio in Q3 2024, for an estimated $15,786
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
BEIJING, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Haoxi Health Technology Limited (the “Company” or “HAO”), an online marketing solution provider headquartered in Beijing, China, today announced that it has resolved to effect a reverse share split of the Company’s ordinary shares, with the split ratio set at 1-for-25 (the “Reverse Share Split”). The Reverse Share Split was approved by the Company’s shareholders at an annual general meeting of shareholders held on January 10, 2025. The Company’s Class A ordinary shares will begin trading on an adjusted basis on the Nasdaq Capital Market, reflecting the Reverse Share Split, when the market opens on January 27, 2025, under the existing ticker symbol “HAO.” The new CUSIP number for the Company’s Class A ordinary shares will be G4290F118.
Upon the effectiveness of the Reverse Share Split, every twenty-five 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, and every twenty-five shares of the Company’s issued and outstanding Class B ordinary shares as of the effective date will automatically be combined into one Class B ordinary share. This adjustment will reduce the total number of outstanding Class A ordinary shares of the Company from approximately 53.29 million to approximately 2.13 million, and the total number of outstanding Class B ordinary shares of the Company from approximately 17.27 million to approximately 0.69 million.
In conjunction with the Reverse Share Split, the Company also amended its Articles and 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 $0.0025 per share.
No fractional shares will be issued; instead, shareholders who would otherwise be entitled to a fractional share will have their entitlement rounded up to the nearest whole share.
The Reverse Split is expected to lead the Company’s Class A ordinary shares to trade at approximately twenty-five times the price per share at which it trades prior to the effectiveness of the Reverse Split. The Company, however, cannot assure that the price of its Class A ordinary shares after the Reverse Split will reflect the 1 for 25 Reverse Split ratio, that the price per share following the effective time of the Reverse Split will be maintained for any period of time, or that the price will remain above the pre-split trading price.
Further details regarding the reverse share split and the associated changes to the Company’s share capital can be found in the Company’s notice of 2025 annual general meeting, filed with the Securities and Exchange Commission on December 19, 2024.
About Haoxi Health Technology Limited
Haoxi Health Technology Limited is an online marketing solution provider headquartered in Beijing, China, specializing in serving healthcare industry advertiser clients. The Company’s growth is driven by the rise of news feed ads and the rapid development of the healthcare sector. The Company offers one-stop online marketing solutions, especially in online short video marketing, helping advertisers acquire and retain customers on popular platforms in China, such as Toutiao, Douyin, WeChat, and Sina Weibo. The Company is dedicated to reducing costs, increasing efficiency, and providing easy online marketing solutions to advertisers. For more information, please visit: http://ir.haoximedia.com .
Forward-Looking Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, underlying assumptions, and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's forecast on market trends; the Company's future business development; the demand for and market acceptance for new services; expectation to receive customer orders for new services; the anticipated timing for the marketing and sales of new solutions; changes in technology; the Company's ability to attract and retain skilled professionals; client concentration; and general economic conditions affecting the Company's industry and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov . The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Investor Relations
WFS Investor Relations Inc.
Janice Wang, Managing Partner
Email: [email protected]
Phone: +86 13811768599
+1 628 283 9214