HONG
KONG, July 3, 2023 /PRNewswire/ -- Lion Group
Holding Ltd. ("Lion" or "the Company") (NASDAQ: LGHL), operator of
an all-in-one trading platform that offers a wide spectrum of
products and services, today announced that it plans to change the
ratio of its American Depositary Shares ("ADSs") to its Class A
ordinary shares (the "ADS Ratio"), par value US$0.0001 per share, from the current ADS Ratio
of one (1) ADS to one (1) Class A ordinary share, to a new ADS
Ratio of one (1) ADS to fifty (50) Class A ordinary shares (the
"ADS Ratio Change"). The Company anticipates that the ADS Ratio
Change will be effective on or about July
13, 2023 (the "Effective Date").
For the Company's ADS holders, the change in the ADS Ratio will
have the same effect as a one-for-fifty reverse ADS split and is
intended to enable the Company to regain compliance with the Nasdaq
minimum bid price requirement. On the Effective Date, registered
holders of company ADSs held in certificated form will be required
on a mandatory basis to surrender their certificated ADSs to the
depositary bank for cancellation and will receive one (1) new ADS
in exchange for every fifty (50) existing ADSs then-held. Holders
of uncertificated ADSs in the Direct Registration System ("DRS")
and in The Depository Trust Company ("DTC") will have their ADSs
automatically exchanged and need not take any action. The exchange
of every fifty (50) existing ADSs for one (1) new ADS will occur
automatically, with existing ADSs being cancelled and new ADSs
being issued by the depositary bank on the Effective Date.
Lion's ADSs will continue to be traded under the ticker symbol
"LGHL" on the Nasdaq Capital Market. No fees will be charged to ADS
holders, for both certificated or uncertificated ADSs, in
connection with the exchange of existing ADSs for new ADSs.
No fractional new ADSs will be issued in connection with the change
in the ADS Ratio. Instead, fractional entitlements to new ADSs will
be aggregated and sold by the depositary bank and the net cash
proceeds from the sale of the fractional ADS entitlements (after
deduction of fees, taxes and expenses) will be distributed to the
applicable ADS holders by the depositary bank. The ADS Ratio Change
will have no impact on Lion's underlying Class A ordinary shares,
and no Class A ordinary shares will be issued or cancelled in
connection with the ADS Ratio Change.
As a result of the change in the ADS Ratio, Lion's ADS trading
price is expected to increase proportionally, although the Company
can give no assurance that the ADS trading price after the ADS
Ratio Change will be equal to or greater than fifty (50) times the
ADS trading price before the change.
About Lion
Lion Group Holding LTD. (Nasdaq: LGHL) operates an all-in one,
state-of-the-art trading platform that offer a wide spectrum of
products and services, including (i) Total Return Service (TRS)
Trading, (ii) Contract-for-difference (CFD) trading, (iii)
Insurance Brokerage and (iv) Futures and Securities Brokerage.
Additional information may be found at
http://ir.liongrouphl.com.
Forward-Looking Statement
This press release contains, "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Lion's actual results may
differ from their expectations, estimates and projections and
consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as "expect,"
"estimate," "project," "budget," "forecast," "anticipate,"
"intend," "plan," "may," "will," "could," "should," "believes,"
"predicts," "potential," "might" and "continues," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, but are not
limited to, statements about: Lion's goals and strategies; our
ability to retain and increase the number of users, members and
advertising customers, and expand its service offerings; Lion's
future business development, financial condition and results of
operations; expected changes in Lion's revenues, costs or
expenditures; the impact of the COVID-19; competition in the
industry; relevant government policies and regulations relating to
our industry; general economic and business conditions globally and
in China, Hong Kong, and Southeast Asia; and assumptions underlying or
related to any of the foregoing. Lion cautions that the foregoing
list of factors is not exclusive. Lion cautions readers not to
place undue reliance upon any forward-looking statements, which
speak only as of the date made. Lion does not undertake or accept
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions or
circumstances on which any such statement is based, subject to
applicable law. Additional information concerning these and other
factors that may impact our expectations and projections can be
found in Lion's periodic filings with the SEC, including Lion's
Annual Report on Form 20-F for the fiscal year ended December 31, 2022. Lion's SEC filings are
available publicly on the SEC's website at www.sec.gov.
Contacts
Lion Group Holding
Tel: +852 2820 9011
Email: ir@liongrouphl.com
ICR, LLC
William Zima
Tel: +1 203 682 8233
Email: ir@liongrouphl.com
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SOURCE Lion Group Holding Ltd.
