Fitell to implement 1-for-16 share consolidation

Fitell (FTEL) will effect a share consolidation of its ordinary shares, par value of $0.0001 per share, at a ratio of 1-for-16, with a post-share consolidation par value of $0.0016, effective on September 23. The company’s class A ordinary shares are expected to begin trading on a post-consolidation basis at the open of the market session on September 23. Upon the market opening on September 23, the company’s class A ordinary shares will continue to be traded on Nasdaq under the symbol “FTEL” with the new CUSIP number G35150138. The share consolidation is being implemented to ensure the company meets the minimum bid price requirement for continued listing on Nasdaq, its current exchange. As a result of the share consolidation, every 16 shares of the company’s ordinary shares will be automatically consolidated into one ordinary share.