Shineco Inc. filed SEC Form 8-K: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year, Other Events, Financial Statements and Exhibits
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Item 5.03. Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.
Item 8.01 Other Events.
As previously disclosed in the Current Report on Form 8-K that Shineco, Inc. (the “Company”) filed on October 25, 2024, our stockholders approved a proposal authorizing the Company’s Board of Directors (the “Board”) to effect a reverse stock split with respect to the Company’s issued and outstanding common stock (the “Common Stock”), at a ratio of not less than 1-for-2 and not more than 1-for-25, with the final ratio and exact timing to be determined at the discretion of the Board. Following such approval, the Board determined to implement a reverse stock split of the Common Stock at a ratio of 1-for-24, whereby every twenty-four shares of the issued and outstanding Common Stock will be combined into one share of issued and outstanding Common Stock (the “Reverse Stock Split”).
To implement the Reverse Stock Split, the Company filed an amendment to the Company’s Certificate of Incorporation with Delaware’s Secretary of State and an application with Nasdaq. Nasdaq approved the Reverse Stock Split on November 8, 2024, such that it will be effective as of November 12, 2024 (the “Effective Date”). Following the Effective Date, every twenty-four shares of outstanding Common Stock will be automatically combined into one share of outstanding Common Stock. No cash or fractional shares will be issued in connection with the Reverse Stock Split, and instead, the Company will round up to the next whole share in lieu of issuing fractional shares that would have been issued in the reverse split. As a result of the Reverse Stock Split, we will have 1,613,898 shares of Common Stock issued and outstanding.
The Company’s Common Stock will continue trading under the ticker symbol “SISI” and has been assigned a new CUSIP number: 824567507.
A copy of the amendment to the Company’s Certificate of Incorporation is attached to this Current Report as Exhibit 3.1.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. |
Description | |
| 3.1 | Amendment to the Company’s Certificate of Incorporation | |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) |
| 2 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Shineco Inc. | ||
| Date: November 8, 2024 | By: | /s/ Jennifer Zhan |
| Jennifer Zhan, Chief Executive Officer | ||
| 3 |