Tantech Holdings Ltd 6-K, filed Feb 25, 2022
Tantech Holdings Ltd (TANH)
About this 6-K
Tantech Holdings Ltd filed this 6-K on February 25, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2022
Commission File Number: 001-36885
TANTECH HOLDINGS LTD
(Translation of registrant’s name into English)
c/o Zhejiang Forest Bamboo Technology Co., Ltd.
No. 10 Cen Shan Road, Shuige Industrial Zone
Lishui City, Zhejiang Province 323000
+86-578-226-2305
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
| Form 20-F x | Form 40-F ¨ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
EXPLANATORY NOTE
On February 24, 2022, the Company’s Board approved a proposal to effect a share consolidation of the Company’s authorized shares including issued and unissued common shares (the “Share Consolidation”) at the ratio of one-for-ten.
Reason for the Share Consolidation
The Share Consolidation was effected to enable the Company to meet the NASDAQ continued listing standards relating to the minimum bid price (which the Company was previously advised it was in non-compliance with).
Effects of the Share Consolidation
Effective Date; Symbol; CUSIP Number. The Share Consolidation will become effective on February 28, 2022 and will be reflected with NASDAQ Capital Market and in the marketplace at the open of business on February 28, 2022 (the “Effective Date”), whereupon the common shares begin trading on a split-adjusted basis. In connection with the Share Consolidation, the Company’s common shares continue to trade on NASDAQ Capital Market under the symbol “TANH” but trade under a new CUSIP Number, G8675X123.
Split Adjustment; No Fractional Shares. On the Effective Date, the total number of the Company’s common shares held by each shareholder will be converted automatically into the number of whole common shares equal to (i) the number of issued and outstanding common shares held by such shareholder immediately prior to the Share Consolidation, divided by (ii) ten(10).
No fractional common shares will be issued to any shareholders in connection with the Share Consolidation.
The Company may purchase, redeem or otherwise acquire at market value any fractional shares without the consent of the relevant shareholder(s) and shall pay the repurchase price no later than 30 days after the effective date of the repurchase.
Non-Certificated Shares; Certificated Shares. Shareholders who are holding their shares in electronic form at brokerage firms do not have to take any action as the effect of the Share Consolidation will automatically be reflected in their brokerage accounts.
Shareholders holding paper certificates may (but are not required to) send the certificates to the Company’s transfer agent at the address given below. The transfer agent will issue a new share certificate reflecting the terms of the Share Consolidation to each requesting shareholder.
VStock Transfer, LLC
18 Lafayette Place
Woodmere, New York 11598
Tel: (212) 828-8436
Fax: (646) 536-3179
Please contact VStock Transfer, LLC for further information, related costs and procedures before sending any certificates.
Authorized Shares. At the time the Share Consolidation is effective, our authorized common shares will be consolidated at the ratio of one-for-ten; all 600,000,000 authorized shares of a single class each with a par value of US$0.001, including all issued shares and unissued shares will be consolidated into 60,000,000 shares each with a par value of US$0.01.
Capitalization. As of February 25, 2022 (immediately prior to the Effective Date), there were 63,994,606 common shares outstanding. As a result of the Share Consolidation, there are approximately 6,399,460 common shares outstanding (subject to redemptions of fractional shares).
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | Press Release dated February 25, 2022 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TANTECH HOLDINGS LTD | |||
| Date: February 25, 2022 | By: | /s/ Wangfeng Yan | |
| Name: | Wangfeng Yan | ||
| Title: | Chief Executive Officer | ||
Exhibit 99.1
Tantech Holdings Ltd Announces 1-for-10 Common Share Consolidation
LISHUI, China, February 25, 2022 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) (“Tantech” or the “Company”), announced today that the Company’s Board approved on February 24, 2022 to effect a share consolidation of the Company’s common shares at the ratio of one-for-ten with the market effective date of February 28, 2022.
The objective of the share consolidation is to enable the Company to regain compliance with NASDAQ Marketplace Rule 5550(a)(2) and maintain its listing on Nasdaq.
Beginning with the opening of trading on February 28, 2022, the Company’s common shares will trade on the NASDAQ Capital Market on a split-adjusted basis, under the same symbol “TANH” but under a new CUSIP Number, G8675X123.
As a result of the share consolidation, each ten common shares outstanding will automatically combine and convert to one issued and outstanding common share without any action on the part of the shareholder. No fractional common shares will be issued to any shareholders in connection with the share consolidation, and such fractional shares will be redeemed by the Company.
The share consolidation will reduce the number of common shares issued and outstanding from approximately 63,994,606 to approximately 6,399,460 (subject to the redemption of the fractional shares at the closing price of the common shares on February 25, 2022). The authorized number of common shares will be reduced by the same one-for-ten ratio from 600,000,000 to 60,000,000.
About Tantech Holdings Ltd
For the past decade, Tantech has been a highly specialized high-tech enterprise producing, researching and developing bamboo charcoal-based products with an established domestic and international sales and distribution network. Since 2017, when the Company acquired 70% of Shangchi Automobile, a vehicle manufacturer based in Zhangjiagang City, Jiangsu Province, it has manufactured and sold vehicles. The Company established two new subsidiaries, Lishui Smart New Energy Automobile Co., Ltd. and Zhejiang Shangchi New Energy Automobile Co., Ltd., in November 2020, to produce and sell street sweepers and other electric vehicles. The Company is fully ISO 90000 and ISO 14000 certified and has received a number of national, provincial and local honors, awards and certifications for its products and scientific research efforts. The Company's subsidiary, First International Commercial Factoring (Shenzhen) Co., LTD, is engaged in commercial factoring for businesses in and related to its supply chain. For more information please visit: http://ir.tantech.cn.
Forward-Looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the sales, plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.