PLANO,
Texas, Nov. 6, 2023 /PRNewswire/ -- Dogness
(International) Corporation (NASDAQ: DOGZ) ("Dogness" or the
"Company"), a developer and manufacturer of a comprehensive line of
Dogness-branded, OEM and private label pet products, announced
today that the Company's board of directors approved on
October 18, 2023 to amend its
Memorandum and Articles of Association. This amendment will result
in a change to the Company's authorized shares and par value and
effect a share consolidation of the Company's issued and
outstanding Class A common shares ("Class A Shares") at the ratio
of 1-for-20 with the marketplace effective date of November 7, 2023.
The objective of the share consolidation is to enable the
Company to regain compliance with Nasdaq Marketplace Rule
5550(a)(2) and maintain its listing on Nasdaq. The Company
continues to meet all other listing standards.
Beginning with the opening of trading on November 7, 2023, the Company's Class A Shares
will trade on the Nasdaq Capital Market on a split-adjusted basis,
under the same symbol "DOGZ" but under a new CUSIP Number,
G2788T111.
As a result of the share consolidation, each twenty Class A
Shares outstanding will automatically combine and convert to one
issued and outstanding common share without any action on the part
of the shareholders. No fractional Class A Shares will be issued to
any shareholders in connection with the share consolidation, and
such fractional shares will be redeemed by the Company.
At the time the Share Consolidation is effective, the number of
shares the Company is authorized to issue will change from
110,000,000 shares divided into: (i) 90,931,000 Class A shares,
each with a par value of US$0.002 and
(ii) 19,069,000 Class B shares, each with a par value of
US$0.002 to an unlimited number of
Class A Shares of no par value each and an unlimited number of
Class B Shares of no par value each. The share consolidation will
reduce the number of Class A Shares outstanding from 31,055,259 to
approximately 1,552,763 (subject to the redemption of the
fractional shares). Both before and after the Share Consolidation,
the outstanding number of Class B Shares is 9,069,000 shares.
About Dogness
Dogness (International) Corporation was founded in 2003 from the
belief that dogs and cats are important, well-loved family members.
Through its smart products, hygiene products, health and wellness
products, and leash products, Dogness' technology simplifies pet
lifestyles and enhances the relationship between pets and pet
caregivers. The Company ensures industry-leading quality through
its fully integrated vertical supply chain and world-class research
and development capabilities, which has resulted in over 200
patents and patents pending. Dogness products reach families
worldwide through global chain stores and distributors. For more
information, please visit: ir.dogness.com.
Forward Looking Statements
No statement made in this press release should be interpreted as
an offer to purchase or sell any security. Such an offer can only
be made in accordance with the Securities Act of 1933, as amended,
and applicable state securities laws. Certain statements in this
press release concerning our future growth prospects are
forward-looking statements regarding our future business
expectations intended to qualify for the "safe harbor" under the
Private Securities Litigation Reform Act of 1995, which involve a
number of risks and uncertainties that could cause actual results
to differ materially from those in such forward-looking statements.
The risks and uncertainties relating to these statements include,
but are not limited to, risks and uncertainties regarding lingering
effects of the Covid-19 pandemic on our customers' businesses and
end purchasers' disposable income, our ability to raise capital on
any particular terms, fulfillment of customer orders, fluctuations
in earnings, fluctuations in foreign exchange rates, our ability to
manage growth, our ability to realize revenue from expanded
operation and acquired assets in China and the U.S., our ability to attract and
retain highly skilled professionals, client concentration, industry
segment concentration, reduced demand for technology in our key
focus areas, our ability to successfully complete and integrate
potential acquisitions, and unauthorized use of our intellectual
property and general economic conditions affecting our industry.
Additional risks that could affect our future operating results are
more fully described in our United States Securities and Exchange
Commission filings. These filings are available at www.sec.gov.
Dogness may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the
Company's filings with the Securities and Exchange Commission and
our reports to shareholders. In addition, please note that any
forward-looking statements contained herein are based on
assumptions that we believe to be reasonable as of the date of this
press release. The Company does not undertake to update any
forward-looking statements that may be made from time to time by or
on behalf of the Company unless it is required by law.
For more information, please contact:
Wealth Financial Services LLC
Connie Kang, Partner
Email: ckang@wealthfsllc.com
Tel: +86 1381 185 7742 (CN)
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SOURCE Dogness (International) Corporation