Lichen China Ltd.

XIAMEN, China, Feb. 27, 2025 /PRNewswire/ -- Lichen China Limited (Nasdaq: LICN) ("Lichen China" or the "Company"), a dedicated financial and taxation service provider in China today announced the date of effectiveness and the ratio of a forthcoming reverse stock split (the "Reverse Split") of the Company's ordinary shares (the "Ordinary Shares"). On February 12, 2025, the Company announced, on a Current Report on Form 6-K, the voting results from the annual meeting of shareholders (the "Meeting") held on February 10, 2025. At the Meeting, shareholders voted upon and approved Proposal 2 to effect a Reverse Split with a ratio of not less than one-for-twenty and not more than one-for-two-hundred within one year after the date of passing of the resolution, with the exact ratio to be set at a whole number within this range as determined by the Company's board of directors (the "Board") in its sole discretion.

On February 10, 2025, the Board approved a one-for-two-hundred (1:200) Reverse Split of the Company's issued and unissued Class A and Class B ordinary shares. The Company anticipates that beginning with the opening of trading on March 3, 2025, the Company's Class A ordinary shares will trade on the Nasdaq Capital Market on a split-adjusted basis and will have a new CUSIP number, G5479G116.

The Reverse Split affects all issued and outstanding shares of the Ordinary Shares. In addition, the Reverse Split reduces the number of Ordinary Shares issuable upon the exercise of share options or warrants outstanding immediately prior to the Reverse Split. The par value of the Ordinary Shares will increase to $0.008 per share after the Reverse Split. The Reverse Split affects all shareholders uniformly and will not alter any shareholder's percentage interest in the Company's equity. No fractional shares will be issued; instead, shareholders who would otherwise be entitled to a fractional share will have their entitlement rounded up to the nearest whole share.

The Company anticipates that the reverse stock split will increase the market price per share of the Company's Ordinary Shares, bringing the Company into compliance with The Nasdaq Capital Market's $1.00 minimum bid price listing requirement.

Registered shareholders holding pre-split shares of the Company's Ordinary Shares are not required to take any action to receive post-split shares. Shareholders owning shares via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the reverse stock split, and will not be required to take any action in connection with the reverse stock split.

Additionally, the Company has officially changed its name from Lichen China Limited to Lichen International Limited, with the change expected to take effect on March 3, 2025. This name change was duly approved by the Company's shareholders on February 10, 2025. Moving forward, the Company will operate under its new name, and all existing agreements, rights, and obligations will remain unchanged.

About Lichen China Limited

Lichen China Limited focuses on providing financial and taxation solution services, education support services, and software and maintenance services under its "Lichen" brand. In recognition of the Company's expertise and experience in the financial and taxation solution services industry for over 18 years, the Company has built up its reputation as a dedicated financial and taxation solution services provider of professional and high-quality services in China. For more information, please visit the Company's website: https://ir.lichenzx.com/.

Forward-Looking Statements

Certain statements 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, please contact:

Tian Sun

Phone: +86-0592-5586999

Email: ir@lichenzx.com

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SOURCE Lichen China Limited

XIAMEN, China, Feb. 18, 2025 /PRNewswire/ -- Lichen China Limited (Nasdaq: LICN) ("Lichen China" or the "Company"), a dedicated financial and taxation service provider in China today announced that it has received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying that the Company is not in compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii) (the "Low Priced Stocks Rule"), as the Company's securities had a closing bid price of $0.10 or less for eleven consecutive trading days from January 28, 2025 through February 11, 2025. The letter indicated that, as a result, the Nasdaq staff has determined to delist the Company's ordinary shares from The Nasdaq Capital Market (the "Delisting Determination").

As previously reported, on January 23, 2025, Nasdaq notified the Company that the bid price of its listed securities had closed at less than $1.00 per share over the previous 30 consecutive business days and, as a result, did not comply with Listing Rule 5550(a)(2). The Company was provided 180 calendar days, or until July 22, 2025, to regain compliance with this rule. The Delisting Determination ended the aforementioned compliance period before its expiration because the Company's stock prices have triggered the Low Priced Stocks Rule. The Company was provided until February 19, 2025 to request an appeal of the Delisting Determination to the hearing panel.

The Company intends to request such hearing to appeal the Delisting Determination before that date, which will stay the suspension of its securities from the date of the request, during which time such securities will continue to be listed on The Nasdaq Capital Market.

If the Company fails to request an appeal of the Delisting Determination by February 19, 2025, trading of the Company's ordinary shares will be suspended at the opening of business on February 21, 2025, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on The Nasdaq Stock Market.

The Company is considering all potential options available to it to regain compliance with the aforementioned rules, including seeking shareholders' approval for a reverse stock split.

About Lichen China Limited

Lichen China Limited focuses on providing financial and taxation solution services, education support services, and software and maintenance services under its "Lichen" brand. In recognition of the Company's expertise and experience in the financial and taxation solution services industry for over 18 years, the Company has built up its reputation as a dedicated financial and taxation solution services provider of professional and high-quality services in China. For more information, please visit the Company's website: https://ir.lichenzx.com/.

Forward-Looking Statements

Certain statements 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, please contact:

Tian Sun

Phone: +86-0592-5586999

Email: ir@lichenzx.com

View original content:https://www.prnewswire.com/news-releases/lichen-china-limited-announces-receipt-of-nasdaq-delisting-notice-subject-to-hearing-request-302378147.html

SOURCE Lichen China Limited