Xi’an, China, June 28, 2019 (GLOBE NEWSWIRE) -- China Green Agriculture, Inc. (CGA) today announced that its Board of Directors and shareholders approved a reverse stock split of the Company’s Common Stock at a ratio of 1-for-12. The reverse stock split is effective after market close on June 27, 2019 (Effective Time). The Common Stock will begin trading on a split-adjusted basis on the New York Stock Exchange (NYSE) at the market open on June 28, 2019.
At the Effective Time, every twelve issued and outstanding shares of the Company’s Common Stock will be converted into one share of the Company’s Common Stock. Once effective, the reverse stock split will reduce the number of shares of Common Stock issued and outstanding from approximately 47.82 million to approximately 3.98 million.
No fractional shares will be issued in connection with the reverse stock split, with shares rounded to the nearest whole share (except that any resulting shareholding share less than one whole share will be rounded to one whole share.) Holders of the Company’s Common Stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split.
The reverse stock split is intended to increase the market price per share of the Company’s Common Stock to ensure the Company regains full compliance with the NYSE share price listing rule and maintains its listing on the NYSE and to improve the marketability and liquidity of the Company’s Common Stock. The Company anticipates that effects of the reverse stock split will be sufficient for the Company to regain compliance with the NYSE’s continued listing standards by mid-August, 2019.
The trading symbol for the Company’s Common Stock will remain “CGA.” The new CUSIP number for the Company’s Common Stock following the reverse stock split will be 16943W204.
This press release includes statements concerning China Green Agriculture, Inc. and its future expectations, plans and prospects that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these terms or other similar expressions. The company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, the company’s ability to attain the necessary stock price levels to regain compliance with the NYSE continued listing standards or, if achieved, to continue to satisfy the NYSE’s qualitative and quantitative continued listing standards in the future, including due to the company’s financial condition or results of operations, market conditions or the market perception of the company’s business, financial condition or results of operations. The company assumes no obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
About China Green Agriculture, Inc.
The Company produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (“Jinong”), Beijing Gufeng Chemical Products Co., Ltd ("Gufeng") and a variable interest entities: Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"), Shaanxi Lishijie Agrochemical Co., Ltd. (“Lishijie”), Songyuan Jinyangguang Sannong Service Co., Ltd. (Jinyangguang”), Weinan City Linwei District Wangtian Agricultural Materials Co., Ltd. (“Wangtian”), Aksu Xindeguo Agricultural Materials Co., Ltd. (Xindeguo”), Xinjiang Xinyulei Eco-agriculture Science and Technology Co., Ltd. (“Xinyulei”), Sunwu Xiangrong Agricultural Materials Co., Ltd. (Xiangrong), and Anhui Fengnong Seed Co. Ltd. (Fengnong). For more information, visit http://www.cgagri.com. The Company routinely posts important information on its website.
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China Green Agriculture, Inc.
SOURCE: China Green Agriculture, Inc.