Jowell Global Ltd. Announces Extraordinary General Meeting Results and Share Consolidation

SHANGHAI, Oct. 25, 2023 /PRNewswire/ -- Jowell Global Ltd. ("Jowell Global" or the "Company") (NASDAQ: JWEL), one of the leading cosmetics, health and nutritional supplements, and household products e-commerce platforms in China, today announced that, at an extraordinary general meeting of the Company held on October 25, 2023 (the "Meeting"), its shareholders have approved by an ordinary resolution of a share consolidation (the "Share Consolidation") that (i) every sixteen (16) issued and unissued ordinary shares of the Company, par value $0.0001 each (the "Ordinary Shares") be consolidated into one (1) ordinary share par value $0.0016 each and (ii) every sixteen (16) issued and unissued preferred shares of the Company, par value $0.0001 each (the "Preferred Shares") be consolidated into one (1) preferred share, par value $0.0016 each. Immediately following the Share Consolidation, the shareholders of the Company approved by an ordinary resolution of share capital increase that the authorized share capital of the Company be increased to $800,000 divided into 500,000,000 shares of which (x) 450,000,000 shares are designated as ordinary shares with a nominal or par value of $0.0016 per share, and (y) 50,000,000 shares are designated as preferred shares with a nominal or par value of $0.0016 per share (the "Share Capital Increase"). At the Meeting, the shareholders of the Company also approved by a special resolution the third amended and restated memorandum and articles of association of the Company to reflect the Share Consolidation and the Share Capital Increase.