E-Home Household Services Holdings Limited Announces Results of Extraordinary General Meeting on Share Consolidation and Share Capital Increase

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FUZHOU, China, Sept. 28, 2022 (GLOBE NEWSWIRE) — E-Home Household Service Holdings Limited (Nasdaq: EJH) (the “Company” or “E-Home”), an integrated household service provider in China, announced today announced that at an extraordinary general meeting of the Company held on September 23, 2022 at 10:00 a.m. local time, at the 9th Floor, Building 14, HaixiBaiyue Town, No. 14 Duyuan Road, Luozhou City, Cangshan, City of Fuzhou 350001, People’s Republic of China (the “Meeting”), its shareholders have approved resolutions which would result in (i) a reverse stock split of 20 issued and unissued common and preferred shares with a par value of US$0.0001 each in the issued and unissued shares of the Company capitalized into one share with a par value of US$0.002 (the “Share Split”) and (ii) an increase in the authorized share capital of the Company from 51,000 USD (divided into 510,000,000 shares) to 1,020,000 USD (divided into n 510,000,000 shares), all of which will be classified past bet in all respects with all existing shares of the Company. The reverse stock split is being done primarily to restore compliance with Nasdaq Marketplace Rule 5550(a)(2) relating to the minimum price per share of the Company’s common stock.

The Company will shortly announce the entry into force of the reverse stock split. Immediately after the Reverse Stock Split, each shareholder’s percentage ownership in the Company and proportional voting power will remain unchanged, except for minor changes and adjustments that will result from the treatment of fractional shares. The rights and privileges of common and preferred shareholders will be substantially unaffected by the reverse stock split. No fractional shares will be issued in connection with the reverse stock split, but all such fractional shares will be redeemed for cash at the fair value of such fractional share, such fair value being the closing price of the common shares. on a post-consolidation basis the market applicable on the first trading date of the ordinary shares following the Reverse Stock Split. Shareholders who hold their shares electronically with brokerage firms do not need to take any action, as the effect of the stock consolidation will be automatically reflected in their brokerage accounts.

About E-Home Household Service Holdings Limited

Founded in 2014, E-Home Household Service Holdings Limited is a Nasdaq-listed household service company based in Fuzhou, China. The Company, through its website and WeChat platform “e家快服”, provides integrated home services, including 1) installation and maintenance of home appliances and smart homes; 2) Housekeeping, nanny, duty nurse and cleaning services; 3) Internet Elderly Care + Home Elderly Care; 4) Hospital care; 5) Nanny delivery platform.

After years of development, the Company has formed two main services and four auxiliary services targeting individuals (ToC) and enterprises (ToB). 1) The ToC business focuses on nanny, confinement nurse, elderly home care and cleaning, and full family service supplemented with other housekeeping services. At present, it has successfully connected with metaverse technology to realize metaverse-based customer service as well as domestic worker training. The ToB business focuses on public cleaning and robotic cleaning equipment. Four ancillary services include 1) docking and applying metaverse technology to the janitorial and cleaning industries; 2) online and offline drug and health food sales (including nannies and nurses); 3) training nannies and caregivers to engage in health care in physical stores; 4) human resources (flexible employment).

E-Home has become a modern full-service company for family life. The company always adheres to the business philosophy of “solving every problem of customers with heart” and the code of conduct of “doing everything well with heart”. The Company aims to set the benchmark for the household services industry. For more information, visit the company’s website at http://www.ej111.com/ir.html.

Forward-looking statement

All statements other than statements of historical facts contained in this announcement are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties and are based on expectations and projections of future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continuing”, “is/are likely to” or other similar expressions are intended to identify such forward-looking statements. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances occurring future, or changes in its expectations, except as required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that these expectations will prove to be correct, and the Company cautions investors that actual results may differ materially from anticipated results and encourages investors to consider risk factors, including those described in the Company’s filings with the SEC, which could affect the future results of the S company. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors.

For more information please contact:

Chunming Xie
Investor Relations
Email: xcm@ej111.com
Telephone: +86 15359908086

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