Ucommune sets November vote on conditional reverse split

Ucommune International will ask shareholders to approve a conditional reverse share split at an extraordinary meeting on November 9 in Beijing. The company said the split would be considered if its Class A shares’ official Nasdaq closing bid price is below $1 on three consecutive trading days.

The proposed ratio would be selected from 10-for-1, 8-for-1, 6-for-1, 4-for-1, 3-for-1 or 2-for-1. Ucommune said it would choose the highest ratio expected to leave at least 500,000 publicly held shares. If even a 2-for-1 split would fall short, no split could proceed under the resolution without further approval from the board and shareholders.

Shareholders will also vote on increasing the company’s authorized share capital after any consolidation. The company said the increase would not itself issue shares. October 8 is the record date for determining who can receive notice of and vote at the meeting.