ONTARIO,
Calif., Nov. 19, 2024 /PRNewswire/ -- Nature's
Miracle Holding Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the
"Company"), a leader in vertical farming technology and
infrastructure, today announced that on November 21, 2024, effective at 12:01 a.m. Eastern Time, it will effectuate a
1-for-30 reverse split of its common stock. The Company's common
stock will begin trading on a split-adjusted basis when the market
opens on November 21, 2024, under its
current trading symbol "NMHI". The new CUSIP number of the
Company's common stock following the reverse stock split will be
63903P 209.
The reverse stock split is intended, among other things,
primarily to increase the bid price of the Company's common stock
to enable the Company to regain compliance with the minimum bid
price requirement of $1.00 per share
for continued listing on The Nasdaq Global Market.
When the reverse stock split becomes effective, every 30 shares
of the Company's common stock issued and outstanding will be
combined and reclassified automatically into 1 share of common
stock. The reverse stock split will affect all holders of common
stock uniformly and each stockholder will hold the same percentage
of common stock outstanding immediately following the reverse stock
split as that stockholder held immediately prior to the reverse
stock split, except for adjustments that may result from the
treatment of fractional shares. No fractional shares will be issued
in connection with the reverse stock split. Any amount of
fractional shares will be rounded up to the next nearest number at
the participant level.
The Company's transfer agent, Continental Stock Transfer &
Trust Company, will act as the exchange agent for the reverse stock
split. Stockholders of record will receive information from
Continental regarding their stock ownership following the reverse
stock split. Stockholders owning shares via a bank, broker or other
nominee will have their positions automatically adjusted to reflect
the reverse stock split and will not be required to take further
action in connection with the reverse stock split, with such
adjustment subject to each bank, broker or other nominee's
particular processes. Continental can be reached at (800) 509-5586
or via email at cstmail@continentalstock.com to answer any
questions.
About Nature's Miracle Holding Inc.
Nature's Miracle (www.Nature-Miracle.com) is a growing
agriculture technology company providing equipment and services to
growers in the Controlled Environment Agriculture ("CEA") industry
which also includes vertical farming in North America. Nature's Miracle offers
hardware to design, build and operate various indoor growing
settings including greenhouse and indoor-growing spaces. Nature's
Miracle, through its two wholly-owned subsidiaries (Visiontech
Group, Inc. and Hydroman, Inc.), provides grow lights as well as
other hydroponic products to hundreds of indoor growers in
North America.
Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to, statements regarding expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The
words "anticipate," "believe," "contemplate," "continue,"
"could," "estimate," "expect," "forecast," "intends," "may,"
"will," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements in this press release may include, for example: the
closing of the offering, intended use of proceeds from the
offering; successful launch and implementation of NMHI's joint
projects with manufacturers and other supply chain participants of
steel, rubber and other materials; changes in NMHI's strategy,
future operations, financial position, estimated revenues and
losses, projected costs, prospects and plans; NMHI's ability to
develop and launch new products and services; NMHI's ability to
successfully and efficiently integrate future expansion plans and
opportunities; NMHI's ability to grow its business in a
cost-effective manner; NMHI's product development timeline and
estimated research and development costs; the implementation,
market acceptance and success of NMHI's business model;
developments and projections relating to NMHI's competitors and
industry; and NMHI's approach and goals with respect to technology.
These forward-looking statements are based on information available
as of the date of this press release, and current expectations,
forecasts and assumptions, and involve a number of judgments, risks
and uncertainties. Accordingly, forward-looking statements should
not be relied upon as representing views as of any subsequent date,
and no obligation is undertaken to update forward-looking
statements to reflect events or circumstances after the date they
were made, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities
laws. As a result of a number of known and unknown risks and
uncertainties, actual results or performance may be materially
different from those expressed or implied by these forward-looking
statements. Some factors that could cause actual results to differ
include: the ability to maintain the listing of the Company's
shares on Nasdaq; changes in applicable laws or regulations; the
effects of the COVID-19 pandemic on NMHI's business; the ability to
implement business plans, forecasts, and other expectations, and
identify and realize additional opportunities; the risk of
downturns and the possibility of rapid change in the highly
competitive industry in which NMHI operates; the risk that NMHI and
its current and future collaborators are unable to successfully
develop and commercialize NMHI's products or services, or
experience significant delays in doing so; the risk that the
Company may never achieve or sustain profitability; the risk that
the Company will need to raise additional capital to execute its
business plan, which may not be available on acceptable terms or at
all; the risk that the Company experiences difficulties in managing
its growth and expanding operations; the risk that third-party
suppliers and manufacturers are not able to fully and timely meet
their obligations; the risk that NMHI is unable to secure or
protect its intellectual property; the possibility that NMHI may be
adversely affected by other economic, business, and/or competitive
factors; and other risks and uncertainties described in NMHI's
filings from time to time with the Securities and Exchange
Commission.
Contacts
George
Yutuc
Chief Financial Officer
George.Yutuc@nature-miracle.com
MZ North America
Shannon
Devine / Rory Rumore
Main: 203-741-8811
NMHI@mzgroup.us
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SOURCE Nature's Miracle Holding Inc.