(RTTNews) - Cheche Group Inc. (CCG), a Chinese auto insurance technology platform, Friday announced that it will commence a 35 for 1 share consolidation of its Class A and Class B ordinary shares.
The share consolidation consolidates every thirty-five issued and outstanding Class A ordinary shares of par value US$0.00001 each into one Class A ordinary share of par value US$0.00035 each.
Every thirty-five issued and outstanding Class B ordinary shares of par value US$0.00001 each will be consolidated into one Class B ordinary share of par value US$0.00035 each. The share consolidation is expected to become effective on the opening of July 20 and is surmised to trade on a post consolidation basis on Nasdaq under the existing symbol CCG.
Prior to the share consolidation, the insurance tech company has 69,093,430 Class A ordinary shares and 18,596,504 Class B ordinary shares and post consolidation, these are expected to be reduced to 1,974,098 Class A ordinary shares and 531,328 Class B ordinary shares.
The share consolidation is aimed at regaining compliance with Nasdaq's minimum bid price requirement.
On Thursday, shares of the company closed at $0.455, down 1.15% on the Nasdaq.
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