Full Press Release Details
Universe Pharmaceuticals
INC Announces Share Consolidation
Jiangxi, China, November
13, 2024 (GLOBE NEWSWIRE) - Universe Pharmaceuticals INC (NASDAQ: UPC) ("Universe Pharmaceuticals" or the "Company"),
a pharmaceutical producer and distributor in China, today announced that the Company plans to effect a share consolidation of 15 ordinary
shares with par value of US$0.01875 per share each in the Company's issued and unissued share capital into one (1) ordinary share
with par value of US$0.28125 (the "Share Consolidation"). As a result of the Share Consolidation, each 15 pre-consolidation
ordinary shares outstanding will automatically combine and convert to one issued and outstanding ordinary share without any action on
the part of the shareholders.
The Share Consolidation was
made effective at 5:00 p.m. Cayman Islands time on November 12, 2024. Beginning with the opening of trading on November 18, 2024, U.S.
Eastern time, the Company's ordinary shares will begin trading on a post-Share Consolidation basis on the Nasdaq Capital Market
under the same symbol "UPC" but under a new CUSIP number of G9442G 120. No fractional shares will be issued in connection
with the Share Consolidation. All fractional shares will be rounded up to the whole number of shares. Immediately following the Share
Consolidation, the authorized share capital of the Company will be US$140,625,000 divided into 450,000,000 ordinary shares, par value
US$0.28125 per share and 50,000,000 preferred shares, par value US$0.28125 per share.
About Universe Pharmaceuticals
Universe Pharmaceuticals
INC, headquartered in Ji'an, Jiangxi, China, is a pharmaceutical producer and distributor in China. The Company specializes in the
manufacturing, marketing, sales and distribution of traditional Chinese medicine derivatives products targeting the elderly with the goal
of addressing their physical conditions in the aging process and to promote their general well-being. The Company also distributes and
sells biomedical drugs, medical instruments, Traditional Chinese Medicine Pieces, and dietary supplements manufactured by third-party
pharmaceutical companies. Currently, the Company's products are sold in 30 provinces of China. For more information, visit the company's
website at http://www.universe-pharmacy.com/.
in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties
and are based on current expectations and projections about future events and financial trends that the Company believes may affect its
financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements
by words or phrases such as "may," "will," "expect," "anticipate," "aim,"
"estimate," "intend," "plan," "believe," "potential," "continue,"
"is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements
to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations
will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results
and encourages investors to review other factors that may affect its future results in the Company's registration statement and
in its other filings with the U.S. Securities and Exchange Commission.
For more information,
Chief Financial Officer of Universe Pharmaceuticals INC