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Borqs Technologies, Inc. (Nasdaq: BRQS) announced that its board of directors has approved a 1-for-12 reverse split of the Company’s ordinary shares. The reverse stock split is anticipated to take effect on October 10, 2023 and the Company’s ordinary shares are expected to begin trading on the Nasdaq Capital Market on a post-split basis beginning on the Effective Date. Continental Stock Transfer & Trust Company is acting as exchange agent for the reverse stock split. Borqs Technologies is a global leader in software and products for the IoT, providing customizable, differentiated, and scalable Android-based smart connected devices and cloud service solutions.
