U.S. stock futures stable; earnings season kicks into top gear
SHANGHAI - Chinese pet products platform Boqii Holding Limited (NYSE American:BQ), whose shares have declined over 63% in the past year according to InvestingPro data, announced today it will terminate its American Depositary Shares (ADS) program and implement a 160:1 reverse stock split.
The company plans to list its Class A ordinary shares directly on NYSE American, replacing its current ADS listing. The shares will continue trading under the "BQ" symbol after the transition.
Boqii shareholders approved the termination of the Deposit Agreement with The Bank of New York Mellon on June 26. As part of this restructuring, the company has appointed VStock Transfer, LLC as its U.S. transfer agent for ordinary shares.
The reverse stock split will consolidate every 160 ordinary shares into one new ordinary share. The new CUSIP number assigned to Boqii’s Class A ordinary shares is G1311F119.
Boqii describes itself as a leading online destination for pet products in China, offering global brands, local emerging brands, and its own private labels including Yoken, Mocare and D-cat through its online platforms.
The company did not specify an exact date for when these changes will take effect, stating only that the termination will occur "in the near future."
This announcement was made in a press release issued by the company.
In other recent news, Boqii Holding Ltd has announced an upcoming Extraordinary General Meeting of Shareholders, as detailed in a 6-K filing with the U.S. Securities and Exchange Commission. The meeting is set to address undisclosed matters that require shareholder approval. The filing included essential documentation for shareholders, such as a proxy card and a voting card for American Depository Share holders, demonstrating the company’s commitment to a transparent voting process. Although the specific agenda and resolutions for the meeting have not been disclosed, the announcement signals Boqii Holding’s adherence to corporate governance practices. The Co-Chief Executive Officer and Chief Financial Officer, Yingzhi (Lisa) Tang, signed the filing, fulfilling regulatory requirements for the formal announcement. Investors are encouraged to review the materials provided in the SEC filing to prepare for the meeting. The filing did not provide further details on potential outcomes or changes that might result from the meeting. This development highlights Boqii Holding’s effort to engage shareholders in decisions that could impact the company’s future direction.
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