Robo.ai Inc. to implement 1-for-20 reverse stock split

Robo.ai Inc. (AIIO)announced that it will implement a 1-for-20 reverse stock split of all classes of the company’s ordinary shares, including the Class A ordinary shares and the publicly traded Class B ordinary shares, effective at 8:00 am, U.S. Eastern time, on April 6. The reverse stock split was approved by the company’s board of directors on January 19 pursuant the company’s fourth amended and restated memorandum and articles of association. Before the reverse stock split, there were 36,350,011 Class A ordinary shares and 355,750,058 Class B ordinary shares. After the reverse stock split, there will be 1,817,501 Class A ordinary shares and 17,787,525 Class B ordinary shares. The company’s Class B ordinary shares will begin trading on an adjusted basis giving effect to the reverse stock split at the opening of market, U.S. Eastern time, on April 6 under the existing ticker symbol. The new CUSIP number of the company’s Class B ordinary shares will be G6693P122. The reverse stock split is being implemented to regain compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market with respect to the company’s Class B ordinary shares.