NFT LTD. ANNOUNCES 1 FOR 50 REVERSE SHARE SPLIT

Hong Kong, April 11, 2024 (GLOBE NEWSWIRE) -- NFT Ltd. (NYSE American: MI) ("Company" or "NFT", formerly known as Takung Art Co., Ltd.), as an emerging online trading platform operator of international art and collectibles today announced that a 1 for 50 reverse split of its Class A ordinary shares and Class B ordinary shares was approved by the Company's shareholders on March 18, 2024 and is expected to become effective on or around April 12, 2024 (the “Reverse Split”).

Upon the effectiveness of the Reverse Split, NFT shareholders will receive one new ordinary share of NFT for every fifty shares they hold. NFT’s Class A ordinary shares are expected to begin trading on a split-adjusted basis when the market opens on April 12, 2024.

The Reverse Split is expected to lead NFT’s Class A ordinary shares to trade at approximately fifty times the price per share at which it trades prior to the effectiveness of the Reverse Split. NFT, however, cannot assure that the price of its Class A ordinary shares after the Reverse Split will reflect the 1 for 50 Reverse Split ratio, that the price per share following the effective time of the Reverse Split will be maintained for any period of time, or that the price will remain above the pre-split trading price.

NFT's Articles and Memorandum of Association was amended and restated in connection with the Reverse Split. As of April 11, 2024, there were approximately 154.5 million of NFT's Class A ordinary shares outstanding. Effecting the Reverse Split will reduce that amount to approximately 3.09 million Class A ordinary shares outstanding.

Treatment of Stock Options and Restricted Shares

The number of ordinary shares into which NFT's outstanding stock options and restricted shares as well as the options' relevant exercise price per share will be proportionally adjusted to reflect the Reverse Split. The number of shares authorized for issuance under NFT's equity incentive plans will also be proportionally reduced to reflect the Reverse Split.

Fractional Shares

Any fractional shares that would have resulted because of the Reverse Split will be rounded up to the nearest whole share.

New Ordinary Share Certificates

NFT will adopt a new share certificate in connection with the implementation of the reverse share split. NFT's transfer agent, VStock Transfer LLC, will manage the exchange of share certificates. Shareholders of record will receive a letter of transmittal providing instructions for the exchange of their old certificates as soon as practicable following the effectiveness of the Reverse Split. Shareholders should not send in their old stock certificates until they receive a letter of transmittal from VStock Transfer LLC. Shareholders who hold their shares through a securities broker or nominee (i.e., in "street name") will be contacted by their brokers or nominees with any instructions.