Addentax Group announces 1-for-10 reverse share split

Addentax Group announced that the Company’s board of directors exercised its discretion to effect a 1-for-10 reverse split of its common stock shares on June 8, 2023 and is expected to become effective on June 30, 2023. Upon the effectiveness of the reverse share split, Addentax shareholders will receive one new common stock share of Addentax for every ten shares they hold. Addentax’s common stock shares are expected to begin trading on a split-adjusted basis when the market opens on June 30, 2023. The reverse share split is expected to lead Addentax’s common stock shares to trade at approximately ten times the price per share at which it trades prior to the effectiveness of the reverse share split. Addentax, however, cannot assure that the price of its common stock shares after the reverse split will reflect the 1-for-10 reverse split ratio, that the price per share following the effective time of the reverse split will be maintained for any period of time, or that the price will remain above the pre-split trading price. As of June 29, 2023, there were 37,395,420 of Addentax’s common stock outstanding. Effecting the Reverse Stock Split will reduce that amount to 3,739,542.