Color Star Technology Co., Ltd. (ADD), an entertainment technology company, Wednesday said it will change its name to Zeta Network Group and ticker symbol to ZNB. It also announced a 25-for-1 reverse stock split of its Class A and Class B shares.
The company expects these changes to take effect on August 22.
After the reverse stock split, Color Star will have 585,000 Class A shares and 480 Class B shares outstanding.
The corporate name change and stock ticker symbol change reflects the company's new business strategy in its new cryptocurrency mining operations and its future development plans, Color Star said in a statement.
Color Star stock is more than 27% down in pre-market. It had closed at $0.1248, up 39% on Tuesday. The stock has been trading in a range of $0.0900 - $185.0000 in the last 52 weeks.
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