Senmiao Technology (AIHS) Announces 1-for-10 Reverse Stock Split

Senmiao Technology Limited ("Senmiao" or the "Company") (Nasdaq: AIHS) reported that it expects to implement a 1-for-10 reverse stock split on its common stock effective Wednesday, April 6, 2022, with trading to begin on a split-adjusted basis at the market open on that day. Trading in the common stock will continue on the Nasdaq Stock Market under the symbol "AIHS". The new CUSIP number for the common stock following the reverse stock split is 817225204.

The reverse stock split at a ratio of 1-for-10 shares was approved by the Company's Board of Directors.

Upon the effectiveness of the reverse stock split, every 10 shares of the Company's issued and outstanding common stock will automatically be converted into one share of issued and outstanding common stock. No fractional shares will be issued as a result of the reverse stock split. Instead, any fractional shares that would have resulted from the split will be rounded up to the next whole number. The reverse stock split affects all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's outstanding common stock, except for adjustments that may result from the treatment of fractional shares.

In connection with the reverse stock split, the Company filed a Certificate of Change with the State of Nevada to reduce the authorized number of shares of the Company's common stock from 100,000,000 shares to 10,000,000 shares, the reduction at the same ratio as its issued and outstanding shares of common stock. No amendment to the Company's Articles of Incorporation and no stockholder's approval are required pursuant to Nevada Revised States 78.209.

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