Borqs Technologies Announces Reverse Stock Split
24 Junho 2022 - 5:30PM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of 5G wireless solutions, Internet of Things
(IoT) solutions, and innovative clean energy, with global
operations in the U.S., India and China, today announced that its
board of directors has approved a 1-for-16 reverse split for the
Company's common stock. The reverse stock split is anticipated to
take effect on June 27, 2022.
Accordingly, at the effective date, every
sixteen issued and outstanding shares of the Company's common stock
will be converted into one share of the Company's common stock. The
Company's common stock is expected to begin trading on the Nasdaq
Capital Market on a post-split basis beginning on June 27, 2022,
under a new CUSIP number: G1466B202.
"I would like to thank our shareholders for
their support. The reverse stock split is needed to ensure that our
Company’s common shares will remain to be listed on Nasdaq," said
Pat Chan, Chief Executive Officer of Borqs Technologies. "Our ESG
strategy toward building products for 5G, IoT and solar are gaining
a lot of tractions. Our recent announcements of winning the Kunia
Village solar plus energy storage in Oahu, Hawaii and the
participation in Hawaiian Electric Battery Bonus Program are the
beginning of some of the more exciting developments of the Company.
The recent strategic investment of $16 million from strategic
investors for growing of our solar plus energy storage business is
a good demonstration of our investors’ confidence in our
business."
Continental Stock Transfer & Trust Company
is acting as exchange agent for the common stock reverse stock
split and will send instructions to any shareholders of record who
hold stock certificates regarding the exchange of certificates for
common stock. Shareholders who hold their shares in brokerage
accounts or "street name" are not required to take any action to
effect the exchange of their shares following the reverse stock
split. Continental Stock Transfer may be reached for questions at
(212) 509-4000. The reverse stock split will also have a
proportionate effect on its warrants outstanding as of such
effective date of such reverse stock splits. Any fractional shares
as a result of the reverse stock split will be adjusted
upwards.
About Borqs Technologies,
Inc.Borqs Technologies is a global leader in software and
products for the IoT, providing customizable, differentiated and
scalable Android-based smart connected devices and cloud service
solutions. Borqs has achieved leadership and customer recognition
as an innovative end-to-end IoT solutions provider leveraging its
strategic chipset partner relationships as well as its broad
software and IP portfolio. Borqs’ unique strengths include its
Android and Android Wear Licenses which enabled the Company to
develop a software IP library covering chipset software, Android
enhancements, domain specific usage and system performance
optimization, suitable for large and low volume customized
products, and is also currently in development of 5G products for
phones and hotspots. The Company acquired controlling shares of the
solar energy storage system entity, Holu Hou Energy LLC, in October
2021.
Forward-Looking Statements and
Additional InformationThis press release may include
“forward-looking statements” that involve risks and uncertainties
that could cause actual results to differ materially from what is
expected. Words such as “forecasts”, “expects”, “believes”,
“anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”,
“might”, “plan”, “possible”, “should”, “estimates” and variations
and similar words and expressions are intended to identify such
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Such forward-looking
statements are based on currently available information and reflect
our management’s current beliefs. Many factors could cause actual
events or results to differ materially from the events and results
discussed in the forward-looking statements may not truly describe
the financial conditions, including the possibility that the
positive financial results from business activities as described
herein may not be reached or at all, and the negative impact of the
COVID-19 pandemic on the Company’s supply chain, revenues and
overall results of operations, so the reader is advised to refer to
the Risk Factors sections of the Company’s filings with the
Securities and Exchange Commission for additional information
identifying important factors that could cause actual results to
differ materially from those anticipated in the forward-looking
statements. Except as expressly required by applicable securities
law, the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Contact:
Sandra DouVice President of Corporate
FinanceBorqs Technologies,
Inc.sandra.dou@borqs.net www.borqs.com
Borqs Technologies (NASDAQ:BRQS)
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