Farmmi announces 1-for-12 share consolidation

Farmmi (FAMI) shareholders approved a consolidation of the company’s authorized shares at the ratio of one-for-twelve. The share consolidation will become effective with NASDAQ and in the marketplace on March 17. 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 March 17, the company’s ordinary shares will trade on the Nasdaq Capital Market on a split-adjusted basis, under the same symbol “FAMI” but under a new CUSIP Number, G33277149. Any fractional shares will be redeemed by the company. The share consolidation will reduce the number of the company’s issued and outstanding ordinary shares from 15,007,123 to approximately 1,250,500. The number of the Company’s authorized shares is reduced by the same one-for-twelve ratio from 500,000,000 to 41,666,667 ordinary shares. As a result of the share capital increase approved by the shareholders, the company is authorized to issue 5,000,000,000 ordinary shares of $2.40 par value each.