Hitek Global announces 50-for-1 share consolidation

HiTek Global (HKIT) announced that it will effect a 50-for-1 share consolidation of its Class A ordinary shares, effective April 6, in order to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market. Beginning with the opening of trading on April 6 the Company’s Class A ordinary shares will begin trading on the Nasdaq Capital Market on a split-adjusted basis under the same trading symbol, “HKIT,” and a new CUSIP number, G45139113. Upon the Share Consolidation becoming effective, every 50 issued Class A ordinary shares of the Company, par value $0.0001 per share, will be consolidated into one Class A ordinary share, and the par value of each Class A ordinary share will be adjusted to $0.005. The Company’s total authorized share capital will remain unchanged at $316,000 and will be reclassified into 60,000,000 Class A ordinary shares, par value $0.005 per share, 150,000,000 Class B ordinary shares, par value $0.0001 per share, and 10,000,000 preference shares, par value $0.0001 per share. No fractional shares will be issued in connection with the Share Consolidation. Any fractional share resulting from the Share Consolidation will be rounded to the nearest whole share at the participant level.