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Today, Maase Inc., formerly known as Highest Performances Holdings Inc., announced several significant developments following its extraordinary general meeting. These changes are detailed in a recent SEC filing.
The company will consolidate every ninety of its authorized shares into one share, each with a new par value of $0.09. This share consolidation aims to streamline the company’s share structure and will not result in fractional shares; any fractions will be rounded up to the nearest whole share.
Additionally, Maase Inc. plans to increase its authorized share capital to $450 million, divided into 5 billion shares. This will consist of 4 billion Class A ordinary shares and 1 billion Class B ordinary shares, each with a par value of $0.09.
The company also approved a name change to Maase Inc., effective immediately. The board adopted a Chinese name for business identification purposes.
In a strategic move, Maase Inc. intends to terminate its American Depositary Receipt (ADR) facility, ceasing the listing of its American Depositary Shares (ADSs) on the Nasdaq Stock Market. The company will instead list its Class A ordinary shares on Nasdaq, substituting the current ADSs. The ADSs are expected to stop trading on June 20, 2025, and will be automatically canceled. Each former ADS holder will receive ninety Class A ordinary shares for each ADS canceled.
The company anticipates that its Class A ordinary shares will commence trading on Nasdaq around June 23, 2025, under the ticker symbol "MAAS." However, the listing remains subject to Nasdaq’s clearance.
These announcements are based on a press release statement from Maase Inc. and reflect the company’s efforts to optimize its capital structure and enhance its market presence.
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