HiTek Global Inc. Announces 1-for-3 Reverse Stock Split

HiTek Global Inc. announced a 1-for-3 reverse stock split, effective May 29, 2026. This action follows a previous 1-for-50 reverse split on April 6, 2026. Shareholders previously authorized the board to implement reverse splits with ratios between 1-for-40 and 1-for-5,000. The new split will consolidate every three Class A ordinary shares into one, changing the par value from $0.005 to $0.015. Fractional shares will be rounded up. The company expects the number of outstanding Class A ordinary shares to decrease from 2,324,420 to 774,807, while Class B shares remain unchanged at 8,192,000. The shares will continue trading on the Nasdaq Capital Market under the symbol "HKIT" on a split-adjusted basis. The company also updated its authorized share capital structure.