PLANO, Texas, Nov. 6, 2023 /PRNewswire/ — Dogness (International) Corporation (NASDAQ: DOGZ) (“Dogness” or the “Company”), a developer and producer of a complete line of Dogness-branded, OEM and personal label pet merchandise, introduced right this moment that the Company’s board of administrators authorized on October 18, 2023 to amend its Memorandum and Articles of Association. This modification will end in a change to the Company’s approved shares and par worth and impact a share consolidation of the Company’s issued and excellent Class A typical shares (“Class A Shares”) on the ratio of 1-for-20 with {the marketplace} efficient date of November 7, 2023.
The goal of the share consolidation is to allow the Company to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) and keep its itemizing on Nasdaq. The Company continues to satisfy all different itemizing requirements.
Beginning with the opening of buying and selling on November 7, 2023, the Company’s Class A Shares will commerce on the Nasdaq Capital Market on a split-adjusted foundation, beneath the identical image “DOGZ” however beneath a brand new CUSIP Number, G2788T111.
As a results of the share consolidation, every twenty Class A Shares excellent will robotically mix and convert to at least one issued and excellent widespread share with none motion on the a part of the shareholders. No fractional Class A Shares will probably be issued to any shareholders in reference to the share consolidation, and such fractional shares will probably be redeemed by the Company.
At the time the Share Consolidation is efficient, the variety of shares the Company is allowed to situation will change from 110,000,000 shares divided into: (i) 90,931,000 Class A shares, every with a par worth of US$0.002 and (ii) 19,069,000 Class B shares, every with a par worth of US$0.002 to an infinite variety of Class A Shares of no par worth every and an infinite variety of Class B Shares of no par worth every. The share consolidation will scale back the variety of Class A Shares excellent from 31,055,259 to roughly 1,552,763 (topic to the redemption of the fractional shares). Both earlier than and after the Share Consolidation, the excellent variety of Class B Shares is 9,069,000 shares.
About Dogness
Dogness (International) Corporation was based in 2003 from the idea that dogs and cats are necessary, well-loved relations. Through its sensible merchandise, hygiene merchandise, well being and wellness merchandise, and leash merchandise, Dogness’ expertise simplifies pet existence and enhances the connection between pets and pet caregivers. The Company ensures industry-leading high quality by way of its totally built-in vertical provide chain and world-class analysis and growth capabilities, which has resulted in over 200 patents and patents pending. Dogness merchandise attain households worldwide by way of world chain shops and distributors. For extra data, please go to: ir.dogness.com.
Forward Looking Statements
No assertion made on this press launch ought to be interpreted as a suggestion to buy or promote any safety. Such a suggestion can solely be made in accordance with the Securities Act of 1933, as amended, and relevant state securities legal guidelines. Certain statements on this press launch regarding our future development prospects are forward-looking statements concerning our future business expectations supposed to qualify for the “protected harbor” beneath the Private Securities Litigation Reform Act of 1995, which contain a lot of dangers and uncertainties that would trigger precise outcomes to vary materially from these in such forward-looking statements. The dangers and uncertainties relating to those statements embrace, however usually are not restricted to, dangers and uncertainties concerning lingering results of the Covid-19 pandemic on our prospects’ businesses and finish purchasers’ disposable earnings, our capacity to lift capital on any explicit phrases, achievement of buyer orders, fluctuations in earnings, fluctuations in overseas alternate charges, our capacity to handle development, our capacity to comprehend income from expanded operation and purchased property in China and the U.S., our capacity to draw and retain extremely expert professionals, consumer focus, {industry} phase focus, lowered demand for expertise in our key focus areas, our capacity to efficiently full and combine potential acquisitions, and unauthorized use of our mental property and basic financial situations affecting our {industry}. Additional dangers that would have an effect on our future working outcomes are extra totally described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Dogness might, every now and then, make further written and oral forward-looking statements, together with statements contained within the Company’s filings with the Securities and Exchange Commission and our reviews to shareholders. In addition, please word that any forward-looking statements contained herein are primarily based on assumptions that we consider to be cheap as of the date of this press launch. The Company doesn’t undertake to update any forward-looking statements which may be made every now and then by or on behalf of the Company until it’s required by legislation.
For extra data, please contact:
Wealth Financial Services LLC
Connie Kang, Partner
Email: [email protected]
Tel: +86 1381 185 7742 (CN)
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SOURCE Dogness (International) Corporation
