Ostin Technology Group says no undisclosed matters behind stock move

NANJING, China - Ostin Technology Group Co., Ltd. (NASDAQ:OST), a Chinese supplier of display modules and polarizers, announced Friday it has no undisclosed material matters that would explain the abnormal fluctuations in its stock price observed on June 26. The stock has experienced significant volatility, dropping nearly 93% in the past week and currently trading at $0.34, according to InvestingPro data.

In a statement addressing the market activity, the company said it was unaware of specific reasons behind the stock movements. Ostin cautioned investors to rely only on statements and filings with the U.S. Securities and Exchange Commission that are issued directly by the company or its authorized representatives.

The company indicated it does not plan to make further statements regarding this matter.

Ostin Technology Group, founded in 2010, specializes in designing, developing, and manufacturing TFT-LCD display modules in various sizes, primarily used in consumer electronics, outdoor LCD displays, and automotive displays. The company also manufactures polarizers used in these display modules.

The statement was issued as a press release from the company’s headquarters in Nanjing, China.

In other recent news, Ostin Technology Group Co., Ltd. announced significant developments following its extraordinary general meeting of shareholders. The shareholders approved two key proposals, including an increase in the company’s authorized share capital to $10,000,000, divided into various classes of shares. This decision was supported by a substantial majority of 99.94% of the votes. Additionally, the shareholders adopted a new memorandum and articles of association, replacing the existing documents. In another development, Ostin Technology Group secured approximately $5 million through a securities purchase agreement. This agreement involved the sale of over 9 million Class A ordinary shares and warrants for up to approximately 91 million shares. Each share was bundled with two warrants, priced at $0.55, with the warrants exercisable at $0.8 per share. These recent actions reflect Ostin Technology Group’s strategic efforts to strengthen its financial position and governance framework.

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