Hitek Global announces 1-for-3 reverse stock split effective May 29

Hitek Global Inc. (NASDAQ: HKIT) announced a 1-for-3 reverse stock split that will take effect May 29, 2026. The information technology consulting company's Class A ordinary shares will begin trading on a split-adjusted basis under the same ticker symbol "HKIT" with a new CUSIP number.

Under the reverse split, every three issued and unissued Class A ordinary shares will automatically combine into one share. The par value of each Class A ordinary share will change from $0.005 to $0.015. Fractional shares resulting from the split will be rounded up to the nearest whole share.

Following the reverse split, Hitek expects 774,807 Class A ordinary shares and 8,192,000 Class B ordinary shares to be outstanding, compared to 2,324,420 Class A shares and 8,192,000 Class B shares before the split. The company's total authorized share capital will remain at $316,000.

Shareholders authorized the board of directors at the November 24, 2025 annual meeting to conduct reverse splits at ratios between 1-for-40 and 1-for-5,000 within two years. The company previously executed a 1-for-50 reverse split on April 6, 2026. The board approved this latest reverse split on May 4, 2026.

The Xiamen, China-based company provides IT consulting and solutions services to businesses in China through two segments: services for small and medium-sized businesses including tax devices and IT services, and services for large businesses including hardware and software sales.

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