The authorized share count was measured in quintillions. On Wednesday, shareholders voted to bring it down.
Ohmyhome held an extraordinary general meeting in Singapore on August 20 and approved a fifty-for-one share consolidation. Before the vote, the company was authorized to issue 9 quintillion Class A ordinary shares and 1 quintillion Class B ordinary shares, each at a par value of a tenth of a millionth of a cent. The consolidation reduces those figures to 180 quadrillion Class A shares and 20 quadrillion Class B shares.
For a holder, fifty shares became one. The par value of each consolidated share rises fifty-fold to match. What does not shrink is the gap between what the company is authorized to issue and what it actually has out there — roughly 22 million shares outstanding. Every new share issued from that authorization would make existing ones a smaller slice of the same company.
Shares closed 25.91% higher at $0.1040, on dollar volume of about $38 million across 221,154 trades.
Short volume on the session was 14,564,116 shares, or 55.2% of reported volume. The filing gives no indication of how many of the authorized hundreds of quadrillions the company intends to use.