JL News & Events

J-Long Group Ltd trading halted, volatility trading pause

J-Long Group is delaying the record date and effective time for the proposed share consolidation of its Ordinary Shares at a ratio of 1-for-10, until it receives approval to proceed from the Nasdaq Stock Market. The Company's Ordinary Shares, both before and after the Reverse Stock Split, will continue to trade under the existing ticker symbol "JL." The Company's members previously approved the reverse stock split and granted the Company's board of directors the authority to determine the final reverse stock split ratio and when to proceed with the reverse stock split at a Special Meeting of Stockholders held on November 18, 2024. The Company will file an Amendment to its Memorandum and Articles of Association to effect the share consolidation/reverse stock split at the ratio of 1-for-10 when the record date and effective time have been set following Nasdaq approval. The primary goal of the Reverse Stock Split is to increase the per share market price of the Company's Ordinary Shares to meet the minimum per share bid price requirement for continued listing on the Nasdaq Stock Market. The CUSIP number for the Company's Ordinary Shares will change following the reverse stock split.

J-Long Group will effect a share consolidation of its Ordinary Shares at a ratio of 1-for-10, effective as of 11:59 pm on December 3, 2024, in order to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq's Marketplace Rules 5550(a)(2) and Rule 5450(a)(1). The Company's Ordinary Shares are expected to begin trading on a Reverse Stock Split adjusted basis on Nasdaq as of the open of trading on December 4, 2024, under the existing ticker symbol "JL." The Company's member previously approved the reverse stock split and granted the Company's board of directors the authority to determine the final reverse stock split ratio and when to proceed with the reverse stock split at a Special Meeting of Stockholders held on November 18, 2024. The Company will file an Amendment to its Memorandum and Articles of Association to effect the share consolidation/reverse stock split at the ratio of 1-for-10 as of the Effective Time. The CUSIP number for the Company's Ordinary Shares will change following the reverse stock split.