NEW YORK, Nov. 13, 2024 (GLOBE NEWSWIRE) — Color Star Technology Co., Ltd. (Nasdaq: ADD), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence in the entertainment industry, announced today that it will effect a 100-for-1 reverse share split of its Class A and Class B ordinary shares. The Company anticipates that the reverse share split will be effective upon the commencement of trading on the Nasdaq Capital Market on November 15, 2024 (U.S. Eastern Time).
On September 29, 2024, the shareholders of the Company approved the 100-for-1 reverse share split and corresponding changes in the Sixth Amended and Restated Memorandum and Articles of Association. As a result of the reverse share split, the number of ordinary shares outstanding will be reduced from approximately 70 million Class A Ordinary Shares and 1.2 million Class B Ordinary Shares to approximately 0.7 million Class A Ordinary Shares and 12,000 Class B Ordinary Shares, respectively, subject to rounding up of all fractional shares to the nearest whole share in lieu of such fractional shares. The authorized capital of the Company will be increased to USD$32 million divided into 280 billion Class A Ordinary Shares with a par value of USD$0.0001 per share and 40 billion Class B Ordinary Shares with a par value of USD$0.0001 per share.
The Company’s transfer agent, Transhare Corporation (“Transhare”), will also act as exchange agent for the reverse share split. The Company understands from Transhare that book entry shareholders will not need to take any action in the reverse share split process. After the reverse share split takes effect, shareholders that currently hold ordinary shares in book entry form will receive updated statements of holding reflecting their holdings referencing the reverse share split.
The Company intends to treat shareholders holding ordinary shares in “street name” (that is, held through a bank, broker or other nominee) in the same manner as shareholders of record whose ordinary shares are registered in their names. Banks, brokers or other nominees will be instructed to effect the reverse share split for their beneficial holders holding our ordinary shares in “street name;” however, these banks, brokers or other nominees may apply their own specific procedures for processing the reverse share split.
The Company’s Class A Ordinary Shares will begin trading on a split-adjusted basis when the market opens on November 15, 2024 (U.S. Eastern Time). The Company’s ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol “ADD” and under a new CUSIP number, G2287A126.
About Color Star Technology Co., Ltd.
Color Star Technology Co., Ltd. (Nasdaq: ADD) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries, Color Metaverse Pte. Ltd. and CACM Group NY, Inc. The Company’s online education is provided through its Color World music and entertainment education platform. More information about the Company can be found at www.colorstarinternational.com
