Zhongchao announces 1-for-10 share consolidation

Zhongchao approved a 1-for-10 share consolidation of the company’s ordinary shares of $0.0001 par value each. Beginning with the opening of trading on February 29, the company’s Class A ordinary shares will begin trading on a post-Share Consolidation basis on Nasdaq under the same symbol “ZCMD“, but under a new CUSIP number of G9897X115. 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 the Nasdaq Capital Market. Upon the effectiveness of the Share Consolidation, every 10 Class A Ordinary Shares with a par value of US$0.0001 each will be consolidated into one Class A Ordinary Share with a par value of $0.001 each, and every 10 Class B Ordinary Shares with a par value of US$0.0001 each will be consolidated into one Class B Ordinary Share with a par value of $0.001 each. The Share Consolidation will not alter any shareholder’s percentage interest in the company’s outstanding ordinary shares.