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Wang & Lee Group, Inc. (NASDAQ:WLGS) announced Monday that its board of directors has approved a reverse share split of the company’s ordinary shares at a ratio of 250-to-1. According to a statement in a press release, the move will combine every 250 ordinary shares into one share, with any fractional shares rounded up to the next whole share.
Following the share combination, the number of issued and outstanding Class A shares will decrease from 174,679,566 to approximately 698,718. The company stated that the par value of the ordinary shares will remain as no par value.
Wang & Lee Group said it will notify Nasdaq and complete any required legal filings with the Registrar of Corporate Affairs in the British Virgin Islands to finalize the share combination. Once these steps are completed, the company expects the trading system on Nasdaq to be updated to reflect the new share structure.
This information is based on a statement from a press release filed with the Securities and Exchange Commission. Wang & Lee Group is incorporated in the British Virgin Islands and is listed on the Nasdaq exchange under the ticker WLGS.
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