Cheche Group Inc. Class A Ordinary SharesCCG
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Reverse stock split to meet Nasdaq listing requirement; no fundamental change in value.
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Cheche Group Inc. Class A Ordinary SharesCheche Group Inc., a Chinese auto insurance technology platform, announced a 35-for-1 reverse stock split of its Class A and Class B ordinary shares. The consolidation will convert 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, and every thirty-five Class B ordinary shares of par value US$0.00001 each into one Class B ordinary share of par value US$0.00035 each. The reverse split is expected to become effective at the opening of trading on July 20, with the shares continuing to trade on Nasdaq under the symbol CCG. Prior to the consolidation, the company had 69,093,430 Class A ordinary shares and 18,596,504 Class B ordinary shares, which are expected to be reduced to 1,974,098 Class A ordinary shares and 531,328 Class B ordinary shares. The move is aimed at regaining compliance with Nasdaq's minimum bid price requirement. On Thursday, shares closed at $0.455, down 1.15%.
Cheche Group Inc. Class A Ordinary SharesReverse stock split to meet Nasdaq listing requirement; no fundamental change in value.