Zhongchao Inc. Announces 1-for-31 Share Consolidation

Zhongchao Inc. has announced a 1-for-31 share consolidation, effective June 8, 2026. This move aims to maintain the company's listing on the Nasdaq Capital Market. Following the consolidation, every 31 Class A ordinary shares will become one Class A ordinary share, and every 31 Class B ordinary shares will become one Class B ordinary share. Fractional shares will be rounded up. The company had approximately 79.7 million Class A shares and 0.6 million Class B shares outstanding before the consolidation, which will be reduced to approximately 2.6 million Class A shares and 20,161 Class B shares. This consolidation, approved by shareholders on February 10, 2026, and the board on March 31, 2026, will not alter shareholders' percentage interest, except for potential adjustments due to fractional share treatment. The company's amended and restated memorandum of association, effective June 8, 2026, reflects these changes.