Following the reverse share split, the Company will have approximately 1,188,805 Ordinary Shares issued and outstanding.
TEL AVIV, Israel, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Jeffs’ Brands Lt. (Nasdaq: JFBR) (“Company” or “Jeffs’ Brands”) a data-driven e-commerce company operating on the Amazon Marketplace, announced today that it will conduct a reverse share split of its issued and outstanding ordinary shares, no par value, at a ratio of 1-for-7. The Company’s Ordinary Shares will begin trading on the Nasdaq Capital Market on a post-split basis at the market open on November 3, 2023, under the Company’s existing trading symbol “JFBR”. The trading symbol “JFBRW” and CUSIP number for the Company’s public warrants will remain unchanged following the reverse share split.
The reverse share split was approved by the Company’s shareholders at the Company’s Annual Meeting of Shareholders held on September 5, 2023 to be effected in the board of director’s discretion within approved parameters.
Following the implementation of the reverse split, the Company’s authorized share capital will not be adjusted under the Company’s articles of association, as currently in effect (the “Articles”), which as of the date hereof consists of 43,567,567 Ordinary Shares, no par value. The reverse split will adjust the number of issued and outstanding Ordinary Shares of the Company from 8,321,632 Ordinary Shares to approximately 1,188,805 Ordinary Shares (subject to any further adjustments based on the treatment of fractional shares), out of which approximately 34.87% is held by Medigus Ltd., the Company’s controlling shareholder and approximately 17.65% is held by Vik Hacmon, the Company’s CEO.
No fractional Ordinary Shares will be issued as a result of the reverse split. In accordance with the Company’s Articles, all fractional shares shall be rounded up to the nearest whole ordinary share. In addition, a proportionate adjustment will be made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding options or public and private warrants entitling the holders to purchase Ordinary Shares.
About Jeffs’ Brands Ltd:
Jeffs’ Brands is transforming the world of e-commerce by creating and acquiring products and turning them into market leaders, tapping into vast, unrealized growth potential. Through our stellar team’s insight into the FBA Amazon business model, we’re using both human capability and advanced technology to take products to the next level. For more information on Jeffs’ Brands Ltd, visit https://jeffsbrands.com.
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Investor Relations, Israel