Fitell Corporation implements 1-for-16 share consolidation

Fitell Corporation (NASDAQ: FTEL) will implement a 1-for-16 share consolidation of its ordinary shares effective September 23, 2025. The Australian online fitness equipment retailer's shares will continue trading on the Nasdaq Capital Market under the symbol "FTEL" with a new CUSIP number G35150138.

The consolidation will automatically convert every 16 shares into one ordinary share. The par value will increase from $0.0001 to $0.0016 per share following the consolidation. Outstanding warrants and equity rights will be proportionately adjusted to reflect the change.

The company stated the consolidation is being implemented to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market. Shareholders approved the consolidation at an extraordinary general meeting on April 9, 2025, and the board of directors set the effective date on September 4, 2025.

Shareholders holding shares in electronic form at brokerage firms do not need to take action, as the consolidation will automatically appear in their accounts. No fractional shares will be issued, and any fractional entitlements will be rounded up to one ordinary share.

Vstock Transfer LLC, serving as the transfer agent and exchange agent, will provide instructions to shareholders holding physical certificates regarding the exchange process. Shareholders holding shares in brokerage accounts are not required to take action.

Fitell Corporation operates through its wholly owned subsidiary GD Wellness Pty Ltd, selling gym and fitness equipment online in Australia under proprietary brands including Muscle Motion, Rapid Motion, and FleetX across over 2,000 stock-keeping units.

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