Summary by Futu AI
On February 20, 2023, Infobird Co., Ltd., a foreign private issuer, reported the outcomes of its Extraordinary Meeting of Shareholders (EGM) in a Form 6-K filed with the U.S. Securities and Exchange Commission. During the EGM, shareholders approved three proposals. The first was a share consolidation on an 8-to-1 basis, reducing the number of outstanding ordinary shares and increasing the par value per share from $0.50 to $4.00. The second proposal involved a series of steps collectively termed as the 'Capital Reduction and Reorganization,' which included a reduction of the par value of each issued consolidated ordinary share to $0.00001, the creation of a distributable reserve account, and a change in the authorized share capital structure. The third proposal was to adopt the Sixth Amended and Restated Memorandum and Articles of Association to reflect the approved share consolidation and capital reorganization. The amendments to the Memorandum and Articles of Association will be filed with the Cayman Islands Companies Registry upon the effective date of the Capital Reduction and Reorganization.