EZGO Technologies announces one-for-forty reverse shares split

EZGO Technologies announced that on March 22 its board of directors approved a reverse split of its ordinary shares on a one-for-forty basis. The Company’s ordinary shares will begin trading on a post-split basis on April 12. As a result of the Reverse Share Split, each forty pre-split ordinary shares of the Company will be automatically combined into one ordinary share without any action on the part of the holders, with par value of the ordinary shares of the Company being changed from 0.1c per share to 4c per share, and the Company’s issued and outstanding ordinary shares will be reduced from 102,165,549 to approximately 2,554,139. The Company’s ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol “EZGO” under a new CUSIP number – G5279F110. The Reverse Share Split is intended to increase the market price per share of the Company’s ordinary shares to allow the Company to maintain its Nasdaq listing. The Reverse Share Split will not be submitted to a vote of the Company’s shareholders as a vote was not required under the laws of the British Virgin Islands. The Company’s transfer agent, VStock Transfer, will act as the exchange agent. Adjustments made to ordinary shares represented by physical stock certificates can be made upon surrender of the certificate to the transfer agent.