CHANGSHA, China, Aug. 26, 2020 /PRNewswire/ -- Urban Tea Inc. (the
"Company," "we" or "Urban Tea")
(NASDAQ: MYT), a premier retailer of specialty teas and baked goods
based in Hunan, China, is issuing
this press release to clarify its press release dated August 25, 2020. On August
25, 2020, the Company had announced that a 1 for 10 reverse
split of its ordinary shares (the "Reverse Split") is expected to
become effective on or around August 26,
2020. The Company would like to clarify that the Reverse
Split is expected to become effective on August 27, 2020.
As previously announced, upon the effectiveness of the Reverse
Split, Urban Tea shareholders will
receive one new ordinary share of Urban
Tea for every ten shares they hold. Urban Tea's ordinary shares is expected to begin
trading on a split-adjusted basis when the market opens on
August 27, 2020.
About Urban Tea,
Inc.
Urban Tea, Inc. is an
emerging specialty tea product distributer and retailer
headquartered in Changsha City, Hunan
Province, China. Through its wholly owned
subsidiary, Mingyuntang (Shanghai) Tea Limited which
controls Hunan Ming Yun Tang Brand Management Co.,
Ltd. and Hunan 39 Pu Tea Co., Ltd., the Company
currently market a wide range of trendy tea drinks, light meals,
and pastries targeting the new urban generation. Our
products are focused on not only their taste but also their
aesthetic presentation and health benefits. Our products are
currently being offered via our own stores. For more information,
please visit: http://ir.h-n-myt.com/investor.
Forward-Looking Statements
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the uncertainty about the spread of the COVID-19
virus and the impact it will have on the Company's operations, the
demand for the Company's products, supply chains, New York City's regulation of restaurants, and
economic activity in general. These and other risks and
uncertainties are detailed in the risk factors discussed in the
Company's periodic reports that are filed with the Securities and
Exchange Commission and available on the SEC's website
(http://www.sec.gov). All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these risk factors. Other
than as required under the applicable securities laws, the Company
does not assume a duty to update these forward-looking
statements.
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SOURCE Urban Tea Inc.