Antelope Enterprise, HCW Biologics Announce 1-for-40 Reverse Stock Split; Shares Down

(RTTNews) - Antelope Enterprise Holdings Ltd (AEHL) and HCW Biologics Inc. (HCWB) announced late Tuesday that their respective Board of Directors have approved a 1-for-40 reverse stock split.

In the extended trading on the Nasdaq, shares of Antelope Enterprise fell 28 percent and that of HCW Biologics were down 4 percent.

Antelope Enterprise, which is the majority interest owner of Kylin Cloud, a Chinese livestreaming e-commerce business, said that its Class A ordinary shares will begin trading on the Nasdaq from April 4 on a split-adjusted basis.

The move will reduce the total number of Antelope Enterprise shares to about 1.04 million from approximately 41.43 million.

Further, clinical-stage biopharmaceutical company HCW Biologics' 1-for-40 Reverse Stock Split will be effective from April 11. The company's common stock will begin trading on the Nasdaq on a reverse split-adjusted basis from that date under its present symbol, HCWB.

Antelope Enterprise and HCW Biologics noted that the reverse stock split is being done to regain compliance with the minimum bid price requirement of $1.00 per share for the common stock to remain listed on the stock market. The reverse stock split will impact all stockholders in a similar manner and will not change any stockholder's percentage ownership interest in the company.

On the Nasdaq, AEHL was down 28.17 percent on Tuesday's after-hours at $0.0686, while HCWB declined 3.45 percent to $0.2712.