3 E Network Sets Oct. 30 Start for 2-for-1 Share Consolidation

3 E Network Technology Group Limited plans to begin trading on a consolidated basis on Nasdaq at the market open Friday, Oct. 30, combining every two Class A ordinary shares into one Class A share and every two Class B ordinary shares into one Class B share.

The board approved the consolidation Oct. 10, and the company announced it Oct. 23. The change will take effect automatically, without shareholder action. No fractional shares will be issued; fractional entitlements will be rounded up to a whole share.

Class A shares outstanding are expected to decline from 5,230,209 to approximately 2,615,105. Class B shares are expected to fall from 23,200 to approximately 11,600.

The company will reduce its authorized Class A shares from 100 million to 50 million and authorized Class B shares from 50 million to 25 million. The par value of each share class will rise from $0.0025 to $0.005, while authorized share capital will remain $375,000.

Class A shares will continue trading under the Nasdaq ticker MASK and will receive CUSIP G8849D136.

The move follows a separate 25-for-1 consolidation that took effect March 16. The company also has a pending private placement of Class A shares, priced on a post-consolidation basis; issuance cannot begin before Oct. 30.