SHANGHAI, Feb. 27,
2024 /PRNewswire/ -- Zhongchao Inc. (NASDAQ: ZCMD)
("Zhongchao" or the "Company"), a platform-based internet
technology company offering services for patients with cancer and
other major diseases, today announced that an extraordinary general
meeting of shareholders held on Tuesday,
February 20, 2024, approved the proposed 1-for-10 share
consolidation of the Company's ordinary shares of US$0.0001 par value each (the "Share
Consolidation").
Beginning with the opening of trading on February 29, 2024, the Company's Class A ordinary
shares will begin trading on a post-Share Consolidation basis on
the Nasdaq Capital Market under the same symbol "ZCMD", but under a
new CUSIP number of G9897X115. The objective of the Share
Consolidation is to enable the Company to regain compliance with
Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing on the
Nasdaq Capital Market.
Upon the effectiveness of the Share Consolidation, every ten
(10) Class A Ordinary Shares with a par value of US$0.0001 each will be consolidated into one (1)
Class A Ordinary Share with a par value of US$0.001 each, and every ten (10) Class B
Ordinary Shares with a par value of US$0.0001 each will be consolidated into one (1)
Class B Ordinary Share with a par value of US$0.001 each. No fractional shares will be
issued as a result of the Share Consolidation. Instead, any
fractional shares that would have resulted from the Share
Consolidation will be rounded up to the next whole number. The
Share Consolidation affects all shareholders uniformly and will not
alter any shareholder's percentage interest in the Company's
outstanding ordinary shares, except for adjustments that may result
from the treatment of fractional shares. The Share Consolidation
was approved by the Company's board of directors on January 9, 2024 and its shareholders on
February 20, 2024.
About Zhongchao Inc.
Zhongchao Inc. is an offshore holding company incorporated in
the Cayman Islands. It
consolidates the financial results of a variable interest entity,
Zhongchao Medical Technology (Shanghai) Limited, and its subsidiaries (the
"PRC operating entities") through a series of contractual
arrangements. Zhongchao Inc. is a platform-based internet
technology company offering services to patients with oncology and
other major diseases. The PRC operating entities provide online
healthcare information, professional training and educational
services to healthcare professionals under their "MDMOOC" platform
(www.mdmooc.org), offer patient management services in the
professional field of tumor and rare diseases through Zhongxin,
offer internet healthcare services through Zhixun Internet
Hospital, and pharmaceutical services through Xinjiang Medical and
operate an online information platform, Sunshine Health Forums, to
general public. More information about the Company can be found at
its investor relations website at http://izcmd.com.
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; the growth of the
professional training and educational services market in
China and the other international
markets the Company plans to serve; reputation and brand; the
impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China and the international
markets the Company plans to serve and assumptions underlying or
related to any of the foregoing and other risks contained in
reports filed by the Company with the SEC, the length and severity
of the recent coronavirus outbreak, including its impacts across
our business and operations. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward–looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
At the Company: Pei Xu, CFO
Email: xupei@mdmooc.org
Phone: +86 13901629242
Investor Relations: Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386
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SOURCE Zhongchao Inc.