Asset Entities Inc (ASST) Announces 1:5 Reverse Share Split

Asset Entities Inc. (“Asset Entities” or the “Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, and a Ternary Payment Platform company, today announced a 1-for-5 reverse stock split (the “Reverse Stock Split”) of its class A common stock, $0.0001 par value per share (the “Class A Common Stock”), and its class B common stock, $0.0001 par value per share (the “Class B Common Stock” and together with the Class A Common Stock, the “common stock”).

The Company’s Class B Common Stock will continue to trade on The Nasdaq Capital Market tier of The Nasdaq Stock Market LLC (“Nasdaq”) under the symbol “ASST” and will begin trading on a split-adjusted basis when the market opens on Tuesday, July 2, 2024. The new CUSIP number for the Company’s Class B Common Stock following the Reverse Stock Split will be 04541A204.

The Reverse Stock Split is intended to enable the Company to regain compliance with the minimum bid price requirement for continued listing on Nasdaq.

As a result of the Reverse Stock Split, every 5 shares of the Company’s issued and outstanding common stock as of the effective time will be combined into one share of common stock. In addition, the Reverse Stock Split will effect a reduction in the number of shares issuable pursuant to the Company’s equity awards, warrants and convertible preferred stock outstanding as of the effective time of the Reverse Stock Split with a corresponding increase in the exercise or conversion price per share. The par value and other terms of the Company’s common stock are not affected by the Reverse Stock Split. Also as a result of the Reverse Stock Split, the number of the Company’s authorized shares of Class A Common Stock and Class B Common Stock will be proportionally reduced from 10,000,000 and 190,000,000, respectively, to 2,000,000 and 38,000,000, respectively.

No fractional shares will be issued in connection with the Reverse Stock Split. Fractional shares resulting from the Reverse Stock Split will be rounded up to the nearest whole share. VStock Transfer, LLC is acting as transfer and exchange agent for the Reverse Stock Split. Registered stockholders are not required to take any action to receive post-Reverse Stock Split shares. Stockholders who are holding their shares in electronic form at brokerage firms do not have to take any action as the effect of the Reverse Stock Split will automatically be reflected in their brokerage accounts.

Additional information about the Reverse Stock Split can be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on June 28, 2024, which is available free of charge at the SEC’s website, www.sec.gov, and on the Company’s website at assetentities.com.

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