BUUU Group Limited plans a 10-for-1 split of both ordinary share classes, expanding its authorized share ceiling to 5 billion as the company prepares for split-adjusted Class A trading on Oct. 26.
The company announced the plan Oct. 16 and said its board approved it Sept. 28. Class A shares are expected to begin trading on the adjusted basis at the Nasdaq Capital Market’s open on Oct. 26, subject to Nasdaq processing. The ticker is expected to remain BUUU.
The plan converts each share in either class, including shares not yet issued, into 10 shares of that same class. BUUU’s maximum authorized total would increase from 500 million shares, split evenly between the classes, to 5 billion, with 2.5 billion allocated to each.
BUUU says the split will leave shareholders’ proportional ownership and voting rights unchanged. Class A shares carry one vote apiece, while each Class B share carries 20 votes. The company expects broker- and nominee-held positions to adjust automatically, and says holders will not receive fractional shares. Registered holders with physical certificates will be asked to submit a letter of transmittal to VStock Transfer, LLC.
Where the terms allow, per-share provisions will be adjusted proportionately for outstanding warrants and other securities that can be exercised for, converted into or settled in Class A shares. BUUU says the split aims to broaden access to Class A shares and improve trading liquidity. It cautioned that the market price may not move in proportion to the split and that the anticipated benefits may not be achieved.
A Form 6-K filed with the U.S. Securities and Exchange Commission says BUUU completed its purchase of a 60% interest in Brightray Science Inc. on Sept. 15, making the provider of fully integrated, prefabricated modular data center solutions a consolidated subsidiary. The filing put the share total immediately after closing at 18,847,500: 13,847,500 Class A shares and 5 million Class B shares.
