Company: BGLC
Filing Date: 2025-02-28
Form Type: DEFR14A
Source: 0001477932-25-001339
Chunk: 23

Company: BioNexus Gene Lab Corp
Filing Date: 2025-02-28
Form: DEFR14A
Chunk 23
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 the procedures to be set forth in a letter of transmittal to be sent by our stock transfer agent. Under Wyoming law, the Company is entitled to cash out fractional shares in exchange for “fair value” of such fractional shares. Therefore, stockholders holding fractional shares will receive a cash payment for such shares instead of receiving whole shares. Cash payments for fractional shares will be based on the daily Volume Weighted Average Price (VWAP) of the Company's Common Stock on Nasdaq for the ten (10) trading days immediately preceding the effective date of the Reverse Stock Split, multiplied by such fractional share, and the fractional shares will be canceled.

Effective as of the Reverse Stock Split, holders of fractional shares will have no further interest in the Company with respect to the cashed-out shares, which will then be void. These shares will no longer entitle the holder the right to vote as a shareholder or share in the Company’s assets, earnings, or profits or in any dividends paid after the Reverse Stock Split, nor to any other rights as a shareholder. Such holder will no longer hold the fractional shares and will only have the right to receive cash for these shares. In addition, interest will not be paid with respect to the period of time between the Effective Date and the date you receive your payment for the cashed-out shares.

The treatment of fractional shares will depend on how shares are held:

| · | If shares are held in registered form (directly with the Company), the transfer agent will issue cash payments for fractional shares. Stockholders will receive payments by check or electronic transfer within ten (10) business days following the Reverse Stock Split effective date. |
| · | If shares are held in street name (through a brokerage account), the Depository Trust Company (DTC) and the stockholder’s brokerage firm will process the cash payment for fractional shares. These stockholders should contact their brokers directly for payment details.              |
| · | Any fractional shares repurchased under this process will be cancelled and not reissued.                                                                                                                                                                                                 |

In connection with the Reverse Stock Split, the CUSIP number for the common stock will change from its current CUSIP number. This new CUSIP number will appear on any new stock certificates issued representing post-split shares. STOCKHOLDERS SHOULD NOT DESTROY ANY STOCK CERTIFICATE(S) AND SHOULD NOT SUBMIT ANY STOCK CERTIFICATE(S) UNLESS AND UNTIL REQUESTED TO DO SO FOLLOWING THE ANNOUNCEMENT OF THE COMPLETION OF THE REVERSE STOCK S