Shareholders Back 1:20 Reverse Split and Dual-Class Plan, but Nasdaq Suspends Trading

summarizeSummary

At the August 17 EGM, shareholders approved a 1:20 reverse split and dual-class structure, but Nasdaq suspended trading on August 18 due to non-compliance with the $1 minimum bid rule. The company will trade on OTC Markets as FTRKF while it appeals the delisting.

check_boxKey Events · Corporate Governance and Compliance · FTRK

• Reverse Split Approved

  Shareholders approved a 1:20 reverse split, consolidating every 20 shares into 1 share with par value US$0.02. Authorized capital changes from 50,000,000 shares to 2,500,000 shares.

• Dual-Class Structure Created

  The redesignation creates 2,400,000 Class A shares (1 vote each) and 100,000 Class B shares (10 votes each). Existing shareholders receive Class A shares; Class B shares are authorized but unissued.

• Nasdaq Trading Suspended

  Trading on Nasdaq was suspended at the open on August 18, 2026, due to failure to regain compliance with the $1 minimum bid rule. The company has requested a hearing before the Hearings Panel.

• OTC Trading Begins

  During the appeal, Class A Ordinary Shares are eligible to trade on OTC Markets under ticker symbol FTRKF.

auto_awesomeAnalysis · FTRK · Trade & Services

The reverse split was designed to lift the stock price above Nasdaq's $1 minimum bid requirement, yet trading has already been suspended and the company is now moving to OTC Markets under ticker FTRKF. Shareholders overwhelmingly approved the 1:20 reverse stock split and the creation of a dual-class share structure with Class B shares carrying 10 votes each. The company has requested a hearing before the Nasdaq Hearings Panel, but the delisting process is underway. The new Class B shares, which will be held by existing shareholders, give insiders enhanced voting control.