China Information Technology, Inc., the company providing information and display technologies based in China, announced that its Board of Directors has approved redomestication of the company from the State of Nevada to the British Virgin Islands jurisdiction.
A wholly-owned subsidiary of the company, BVI-domiciled China Information Technology, Inc. (CNIT BVI) filed a registration statement on the redomestication transaction and the inclusion of a proposal to approve the transaction at the company’s next annual meeting of stockholders.
The Board of Directors of the company considers that its redomestication to the BVI will bring numerous benefits to the company. The transaction will make CNIT BVI’s shares more attractive to non-U.S. investors and so increase the number of shareholders. As a result of the redomestication, the company can (but not obliged to) dual-list its shares on the Hong Kong Stock Exchange. Also, the company is to be allowed to qualify as a “foreign private issuer” under the rules and regulations of the SEC, and thereby reduce its costs.
After the transaction, if approved by the company’s stockholders, the company is expected to continue to trade on the NASDAQ.
