EGOC completes reverse stock split, taking a further step towards entering the US capital market

SHANGHAI, April 18, 2023 /PRNewswire/ -- On March 30, 2023, Energy 1 Corp. (OTC:EGOC) (the "Company"), innovative technology-based enterprise as future core business, has officially effected the reverse stock split of its shares of common stock through regulatory approval from FINRA. Following the reverse stock split, the total number of shares of common stock issued and outstanding after the reverse stock split is now 52,410,857, which will optimize the Company's shareholder base and prepare for a potential transfer to another exchange in the future. After the reverse stock split, the number of common stock issued and outstanding has decreased, the stock price has increased proportionally, the transaction costs for investors has reduced, which help promote active trading and increase stock liquidity. The Company intends to inject high-quality business entities into the Company after the reverse stock split, which will help promote the Company's business and increase shareholders' returns, and is a significant milestone for the Company's potential transfer to another stock exchange.