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WiMi Hologram Cloud Inc. to Hold Extraordinary General Meeting on March 25, 2025

WiMi Hologram Cloud Inc., a prominent augmented reality (AR) service provider in China, has announced plans to conduct an extraordinary general meeting (EGM) on March 25, 2025. The meeting will take place at 9:00 AM Beijing Time at the Zhubang 2000 Business Center. This announcement comes in conjunction with significant changes regarding the company's share structure.

Key Details of the EGM

The main items on the agenda include the termination of the existing Deposit Agreement with JPMorgan Chase Bank N.A. for the American depositary shares (ADSs) and a proposed share consolidation. This consolidation will see twenty current shares transformed into one consolidated share, effectively restructuring the number of shares available. The record date for this meeting is set for February 24, 2025, making it crucial for shareholders to stay informed about their voting rights.

Upon approval, this share consolidation aims to streamline the company’s capital structure, reducing the number of outstanding shares while increasing the par value. The proposal not only seeks to consolidate the shares but also to increase the authorized share capital from $50,000 to $1,500,000. This change is seen as a strategic move to enhance the company's operations and navigate the evolving market landscape.

Implications for Shareholders

Holders of Class A and Class B shares are encouraged to attend the meeting, where they will vote on these significant proposals that could reshape the future of the company. Additionally, for ADS holders to exercise voting rights regarding underlying Class B ordinary shares, they must act through JPMorgan Chase Bank, as the depositary for the company's ADS program.

Should the consolidation be approved, shareholders will experience a mandatory exchange where two Class B shares will be allocated for each canceled ADS, resulting in fewer shares but with potentially increased value per share. Conversely, if the share consolidation does not gain the necessary approvals, the conversion will occur at a two-for-one ratio for existing Class B shares held.

Background on WiMi Hologram Cloud Inc.

Established in 2015, WiMi Hologram Cloud has developed a reputation as a leading provider of AR technology, boasting an extensive library of over 4,654 AR holographic contents. The company prides itself on optimizing data processing speeds, currently outperforming industry standards by nearly 80%. This proactive approach has secured WiMi’s position at the forefront of the AR market in China.

WiMi is keen on ensuring all stakeholders have access to their annual reports and updates, which can be viewed on their official site. This meeting is a pivotal opportunity for stakeholders to engage with the company's strategies moving forward, especially as AR technologies continue to evolve rapidly.

In conclusion, the upcoming extraordinary general meeting represents a critical juncture for WiMi Hologram Cloud, fostering a collaborative environment for shareholders to discuss underlying challenges and make impactful decisions to propel the company further in the AR landscape.