Datasea Announces 1-for-15 Reverse Stock Split to Regain Compliance with Nasdaq Minimum Bid Requirement

BEIJING, Jan. 18, 2024 /PRNewswire/ — Datasea Inc., a Nevada corporation (NASDAQ: DTSS) (“Datasea” or the “Company”), which engages in the business segments of U.S.-based intelligent acoustics and China-based 5G messaging technology, today announced that the Company’s Board of Directors has approved a reverse stock split of its authorized and issued and outstanding shares of common stock, par value $0.001 per share (the “Common Stock”), at a ratio of 1-for-15. The Company is effecting the reverse split to regain compliance with the $1.00 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). The reverse stock split does not require the approval of the Company’s stockholders, as it was approved in accordance with Nevada Revised Statutes Section 78.207.

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