Gulf Resources (GURE) Reports 1-for-5 Reverse Share Split

Gulf Resources, Inc. (NASDAQ: GURE) today announced a 1-for-5 reverse stock split of its issued and outstanding shares of common stock, which is expected be effective for trading purposes as of the commencement of trading on Tuesday, January 28, 2020.

The reverse stock split is intended to increase the per share trading price of the Company’s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The NASDAQ Global Select Market. Trading of the Company’s common stock on The NASDAQ Global Select Market will continue, on a post-split basis, with the opening of the markets on Tuesday, January 28, 2020, under the existing trading symbol “GURE” under the new CUSIP # 40251W 408. The reverse stock split reduces the number of shares of the Company’s common stock outstanding from approximately 47.5 million shares of common stock pre-reverse split to approximately 9.5 million shares of common stock post-reverse split.

The number of authorized shares of common stock and the par value per share will remain unchanged. As a result of the reverse stock split, every 5 shares of the Company’s pre-reverse split common stock will be combined and reclassified into 1 share of common stock. The number of outstanding options will be adjusted accordingly, with outstanding options being reduced from approximately 0.68 million to approximately 0.14 million. No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of common stock will receive an increase to their common stock as the common stock will be rounded up to a full share.

“Management and the Board of Directors agree that it is favorable for investors that Gulf Resources’ shares continue to trade on the NASDAQ Global Select Market and this reverse split will fulfill the minimum share price requirement for continued listing,” said Xiaobin Liu, Chief Executive Officer of Gulf Resources, Inc.

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