MMTec, Inc. (MTC) Announces 1-for-10 Reverse Stock Split

MMTEC, Inc. ("MMTEC" or the "Company") (Nasdaq: MTC) reported that it expects to implement a 1-for-10 reverse stock split on its common stock. The effective date is scheduled to be Wednesday, July 13, 2022, subject to the Company's satisfaction of Nasdaq Operations notice requirements, with trading to begin on a split-adjusted basis at the market open on that day. Trading in the common stock will continue on the Nasdaq Stock Market under the symbol "MTC". The new CUSIP number for the common stock following the reverse stock split will be G6181K114. In the event that the effective date is delayed the Company will update the effective date via a subsequent press release.

The reverse stock split at a ratio of 1-for-10 shares was approved by the Company's Board of Directors.

Upon the effectiveness of the reverse stock split, every 10 shares of the Company's issued and outstanding common stock will automatically be converted into one share of issued and outstanding common stock. No fractional shares will be issued as a result of the reverse stock split. Instead, any fractional shares that would have resulted from the split will be rounded up to the next whole number. The reverse stock split affects all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's outstanding common stock, except for adjustments that may result from the treatment of fractional shares.

In connection with the reverse stock split, the Company will file an Amended and Restated Articles of Association with the Financial Services Commission of the British Virgin Islands to reduce the authorized number of shares of the Company's common stock from 500,000,000 shares to 50,000,000 shares, the reduction at the same ratio as its reduction in the issued and outstanding shares of common stock, and to increase the par value per share from $0.001 to $0.01. The Board of Directors of the Company approved the reverse stock split on July 1, 2022. No stockholders' approval of the reverse stock split is required pursuant to BVI law.

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