SANTA CLARA, Calif., June 24, 2022 (GLOBE NEWSWIRE) — Borqs Technologies, Inc. (BRQS, “Borqs” or the “Company”), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, with global operations in the United States, India and China, today announced that its board of directors has approved a 1-for-16 reverse stock split for the company’s common stock. The reverse stock split is expected to take effect on June 27, 2022.
Accordingly, on the Effective Date, sixteen issued and outstanding common shares of the Company will be converted into one common share of the Company. The company’s common stock is expected to begin trading on the Nasdaq Capital Market post-split beginning June 27, 2022, under a new CUSIP number: G1466B202.
“I would like to thank our shareholders for their support. The stock consolidation is necessary to ensure that our company’s common stock will continue to be listed on Nasdaq,” said Pat Chan, Chairman and CEO of Borqs Technologies. “Our ESG strategy to create products for 5G, IoT and solar energy is gaining popularity. Our recent announcements regarding the winning of Kunia Village solar plus energy storage in Oahu, Hawaii and participation in the Hawaiian program Electric Battery Bonuses are the start of some of the company’s most exciting developments.The recent strategic investment of $16 million from strategic investors to grow our solar and solar energy storage business is a good demonstration of the confidence of our investors in our company.
Continental Stock Transfer & Trust Company is acting as exchange agent for the common stock consolidation and will send instructions to all registered shareholders who hold stock certificates regarding the exchange of certificates for common stock. Shareholders who hold their shares in brokerage or “street name” accounts are not required to take any action to effect the exchange of their shares following the stock consolidation. Continental Stock Transfer can be contacted with any questions at (212) 509-4000. The reverse stock split will also have a proportional effect on its outstanding warrants on the effective date of such reverse stock split. Any fractional share resulting from the reverse stock split will be adjusted upwards.
About Borqs Technologies, Inc.
Borqs Technologies is a global leader in IoT software and products, providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider by leveraging its strategic relationships with chipset partners as well as its extensive software and IP portfolio. Borqs unique strengths include its Android and Android Wear licenses which have enabled the company to develop a software IP library covering chipset software, Android enhancements, domain-specific usage and system performance optimization, tailored to large and low volume customized products, and is also currently developing 5G products for phones and hotspots. The Company acquired control of the shares of the solar energy storage system entity, Holu Hou Energy LLC, in October 2021.
Forward-Looking Statements and Additional Information
This press release may contain “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as “plans”, “expects”, “believes”, “anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”, “might” , “plans”, “possible”, “should”, “estimates” and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of such words does not mean that a statement is not forward-looking. . These forward-looking statements are based on currently available information and reflect the current beliefs of our management. Many factors could cause actual events or results to differ materially from those events, and the results discussed in the forward-looking statements may not truly describe financial conditions, including the possibility that positive financial results from the business activities described in the herein are not achieved or at all, and the negative impact of the COVID-19 pandemic on the Company’s supply chain, revenue and overall operating results, the reader is therefore advised to refer see the Risk Factors sections of the company’s filings with the Securities and Exchange Commission for more information. information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. Except as expressly required by applicable securities laws, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Vice President of Corporate Finance
Borqs Technologies, Inc.