Recon Technology announces 1-for-18 reverse stock split

Recon Technology announced that the company’s shareholders approved on March 29, 2024 to effect a reverse stock split of the company’s Class A ordinary shares at the ratio of one-for-eighteen with the market effective date of May 1, 2024. The objective of the reverse stock split is to enable the company to regain compliance with the NASDAQ Marketplace Rule 5550(a)(2) and maintain its listing on Nasdaq. Beginning with the opening of trading on May 1, 2024, the company’s ordinary shares will trade on the NASDAQ Capital Market on a split-adjusted basis, under the same symbol “RCON” but under a new CUSIP Number, G7415M132. The reverse stock split will reduce the number of Class A ordinary shares issued and outstanding from approximately 141,803,218 to approximately 7,877,956.