Jin Medical International Ltd. has announced an Extraordinary General Meeting (EGM) to be held on January 30, 2024, at 9.30 a.m. Beijing Time, with a record date of January 12, 2024. The primary agenda for the EGM is to seek shareholder approval for the subdivision of each issued and unissued ordinary share with a par value of US$0.001 into twenty ordinary shares with a par value of US$0.00005 each. This move, if approved, would increase the authorized share capital to US$50,000 divided into 1,000,000,000 shares. The Board unanimously recommends a vote in favor of the proposal. The subdivision is a strategic response to a letter from Nasdaq's Listing Qualifications Department, which indicated the company's non-compliance with the minimum public holder requirement. A...Show More

Jin Medical International Ltd. has announced an Extraordinary General Meeting (EGM) to be held on January 30, 2024, at 9.30 a.m. Beijing Time, with a record date of January 12, 2024. The primary agenda for the EGM is to seek shareholder approval for the subdivision of each issued and unissued ordinary share with a par value of US$0.001 into twenty ordinary shares with a par value of US$0.00005 each. This move, if approved, would increase the authorized share capital to US$50,000 divided into 1,000,000,000 shares. The Board unanimously recommends a vote in favor of the proposal. The subdivision is a strategic response to a letter from Nasdaq's Listing Qualifications Department, which indicated the company's non-compliance with the minimum public holder requirement. A subsequent delisting notification was received, but the delisting action has been stayed pending a final decision by the Nasdaq Hearings Panel, with a hearing scheduled for March 14, 2024. The proposed share subdivision aims to increase the number of shares outstanding, improve trading liquidity, and potentially increase the number of shareholders to meet Nasdaq's continued listing requirements.