Fitell Corporation Announces Stock Combination Plan
Fitell Corporation, an online retailer of gym and fitness equipment in Australia, has announced a share consolidation to meet the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The consolidation, approved by the Company's shareholders at an Extraordinary General Meeting on April 9, 2025, will see every sixteen (16) shares consolidated into one ordinary share, effective on September 23, 2025.
Following the consolidation, the post-share consolidation par value will be $0.0016. The consolidated shares will trade on The Nasdaq Capital Market under the symbol "FTEL" with a new CUSIP number G35150138, beginning at the open of the market session on September 23, 2025.
Investors are encouraged to review other factors that may affect the Company's future results in the Company's registration statement and other filings with the SEC. The press release contains forward-looking statements, which include expectations about the completion of an offering and the intended use of proceeds from the offering. However, the Company undertakes no obligation to update or revise publicly any forward-looking statements.
The Chief Financial Officer of Fitel Corporation is Edwin Tam, and his contact information is provided below for any inquiries. Additionally, contact information for Investor Relations is also available.
It is important to note that no fractional shares will be issued in connection with the Share Consolidation. The Company advises shareholders to contact their broker or the Company's transfer agent, Vstock Transfer LLC, for any questions regarding the exchange of old certificates for new certificates, should they wish to do so.
The forward-looking statements involve known and unknown risks and uncertainties. The Company's future success is subject to various factors, including the satisfaction of closing conditions related to the offering. Investors are reminded to carefully consider these risks and uncertainties when making investment decisions.
Fitell Corporation's stock symbol is FTEL on Nasdaq. As an online retailer of gym and fitness equipment, the Company continues to provide Australians with the tools they need to maintain an active and healthy lifestyle.
For more information, please visit Company's website or contact the Company's Investor Relations department.
