BAIYU Holdings, a prominent commodities trading service and provider in China, revealed today its strategic decision to undergo a series of significant changes. The company, formerly known as “TD Holdings, Inc.,” is set to rebrand itself as “BAIYU Holdings, Inc.” Additionally, the ticker symbol will transition from “GLG” to “BYU.” In tandem with these alterations, BAIYU Holdings will implement a 1-for-50 reverse stock split of its common stock, each with a par value of $0.001.
The slated effective date for these modifications in the marketplace is October 30, 2023. This transformative step marks a pivotal moment in the company’s evolution, signaling a new era under the banner of BAIYU Holdings, Inc.
Following this announcement, BAIYU Holdings experienced a notable decline in its stock value. Investors responded to these strategic changes, reflecting the dynamic nature of financial markets.
At the time of this publication, BAIYU Holdings Inc stock (GLG) has witnessed a decline.
BAIYU Holdings Inc
Current Price: $0.06
Change : -0.03
Change (%): (-29.79%)
Volume: 7.5M
Source: Tomorrow Events Market Data
Upon the commencement of trading on October 30, 2023, BAIYU Holdings’ common stock will be available on a reverse stock split-adjusted basis, under the rebranded name “BAIYU Holdings, Inc.” and the updated ticker symbol “BYU.” This move is aimed at aligning the company with the minimum bid price requirements for maintaining its listing on the Nasdaq Capital Market, underscoring BAIYU Holdings’ commitment to regulatory compliance and market stability.
In accordance with the reverse stock split, each 50 shares of the company’s common stock currently issued and outstanding will be automatically reclassified into one new share of common stock. Importantly, this adjustment will not alter any existing rights or preferences associated with the company’s shares. To maintain the integrity of the stock split, fractional shares will not be issued. Instead, any resulting fractional shares will be rounded up to the nearest whole number, ensuring fairness and clarity in the transition.
The reverse stock split, alongside the comprehensive rebranding, is poised to fortify BAIYU Holdings’ market position and solidify its standing as a key player in China’s commodities trading landscape. With these strategic moves, the company looks forward to a promising future marked by enhanced visibility and operational efficiency.
For more information, investors and stakeholders are encouraged to refer to the official communications provided by BAIYU Holdings and consult relevant financial advisors for personalized guidance on this transition.
