WCT Reverse Split: Why Your Share Count Changed Again on November 9

Wellchange Holdings Company Limited (Nasdaq: WCT) began trading on a 1-for-10 reverse-split basis on November 9, 2026, just over two months after its previous 1-for-5 reverse split took effect on September 8. For holders of WCT Class A ordinary shares, the November action combines every 10 pre-split shares into one, and the new CUSIP is G9545M149; the Nasdaq ticker remains WCT. The company will round fractional entitlements up to the next whole share rather than pay cash for fractions. The latest action applies only to Class A ordinary shares: Class B ordinary shares are not being consolidated.

That means an investor who held 100 Class A shares immediately before the November action should generally see 10 post-split shares, while a 55-share position would mathematically produce 5.5 shares and be rounded up to 6 under the company's stated holder-level rule. The September and November actions together represent a 1-for-50 consolidation over roughly two months. This is the key reason an investor may see a second sharp reduction in the WCT share quantity during a short period.

What happened to WCT shares on November 9?

Wellchange announced on November 5 that its Class A ordinary shares would undergo a 1-for-10 reverse stock split and begin trading on a post-split basis when Nasdaq opened on Monday, November 9. Nasdaq's Corporate Actions Alert #2026-798 confirms the 1-for-10 ratio, the effective date and the new CUSIP G9545M149. The company continues to trade under the symbol WCT on the Nasdaq Capital Market.

The company’s shareholder meetings approved the 1-for-10 Class A consolidation on October 29. The November 5 announcement set out the market implementation: post-split trading would begin on November 9. These are stages of the same November corporate action, not two separate 1-for-10 reverse splits. The legal approval and the first day of post-split Nasdaq trading should not be counted as separate consolidations.

The ticker has not changed. A different CUSIP identifies the post-split Class A security, so investors comparing broker statements should check both the ticker and security identifier. A WCT line that continues to display the same ticker is not evidence that the share quantity should remain unchanged.

Why did WCT shares decrease again after the September reverse split?

The November action follows a 1-for-5 reverse split that began trading on a post-split basis on September 8, 2026. In that earlier action, every five Class A ordinary shares were consolidated into one, the new CUSIP became G9545M131, and fractional entitlements were also rounded up to the next whole share. Class B ordinary shares were excluded from that consolidation as well.

The November 1-for-10 action is therefore the second reverse split affecting WCT Class A shares in roughly two months. Combining the two ratios gives an aggregate 1-for-50 consolidation across the September and November actions: five old shares became one in September, and each resulting 10 shares became one in November. The company also completed an earlier 1-for-50 reverse split in March 2026. Across the March, September and November actions, the nominal cumulative consolidation ratio for Class A shares during 2026 is 1-for-250 (50 × 5 × 10). The account-level result can differ from a simple division because the company rounds fractional entitlements up at the holder level at each action.

For an investor who held 100 Class A shares immediately before the September action and retained the resulting shares, the September 1-for-5 consolidation would reduce the position to 20 shares. The November 1-for-10 consolidation would then reduce 20 shares to 2. That is a cumulative reduction from 100 shares to 2 shares across the two actions, before considering any purchases, sales or other account adjustments. This does not mean the investor has automatically lost 98% of the position's value: the per-share price is mechanically adjusted by the reverse split, while the market value can subsequently move independently.

How many WCT shares should you have after the November 1-for-10 split?

For a position held immediately before the November 9 action, divide the Class A share quantity by 10 and round any fractional result up to the next whole share. Wellchange has stated that no fractional shares will be issued and that fractional entitlements will be rounded up at the holder level. The company is not describing a cash-in-lieu payment for fractions.

The rounding rule is important for small positions. A holder with 7 shares does not receive cash for 0.7 of a post-split share; the company says the fractional result is rounded up to one whole share. The same rule can cause the final quantity to be slightly higher than a strict mathematical division would produce. The company's announcement says the rounding may affect shareholders' percentage interests, even though the reverse split otherwise applies uniformly to Class A holders.

These examples apply to Class A shares immediately before the November 9 action. They should not be used to reconstruct a position held before September without accounting for the September rounding as well. An investor's actual account history, including any trades and the holder-level rounding applied during each corporate action, determines the final balance.

Does the WCT reverse split affect Class B shares or change the ticker?

No. The November 9 reverse split applies only to Wellchange's Class A ordinary shares. The company's Class B ordinary shares remain unchanged. The two classes should not be confused when reading the company's capital structure or checking a security description.

WCT remains the Nasdaq ticker for the Class A ordinary shares after the reverse split, but the new CUSIP is G9545M149. The September action had used CUSIP G9545M131; that identifier relates to the earlier post-September security and should not be confused with the November post-split CUSIP.

The company has also said that outstanding options, warrants and other securities that entitle holders to purchase or receive Class A ordinary shares will be adjusted under their respective terms. That does not mean every derivative or contractual instrument will show a simple one-for-10 adjustment at the same time in every brokerage interface. Holders of warrants, options or other instruments should consult the applicable instrument terms and the issuer's notices.

Why can the WCT share price look sharply different after the split?

A reverse split reduces the number of shares and mechanically increases the per-share price by the inverse of the consolidation ratio, all else equal. For a 1-for-10 split, 10 shares at an illustrative $1 each become one share at an illustrative $10. The position's theoretical value remains $10 before market movement, fees or rounding effects. This is a mechanical illustration, not a price prediction.

The market price after trading resumes can move up or down independently. A higher quoted price following a reverse split is not an investment gain by itself, and the reduced share count is not, on its own, proof of an equivalent loss. WCT's actual trading price, liquidity, spreads and market capitalisation after the action must be assessed separately from the arithmetic of the consolidation.

The company said its outstanding Class A ordinary shares would decline from approximately 10.58 million to approximately 1.06 million as a result of the November 1-for-10 action. That figure refers to the issuer-level Class A share count; it is not a statement about the exact quantity in an individual investor's account.

What should WCT shareholders check if their quantity looks wrong?

Start with the security class and CUSIP. The November action affects Class A ordinary shares, not Class B. For Class A holdings, the post-split CUSIP is G9545M149. Investors should compare their pre-November 9 quantity with the 1-for-10 calculation and apply the company's round-up rule to any fraction. If the position also spans the September action, check the earlier 1-for-5 consolidation and its holder-level rounding rather than applying a single ratio to an old historical balance.

The company has disclosed automatic consolidation mechanics, but it has not specified a universal time at which every broker must display the adjusted balance. Broker-specific processing and screen-display timing for this exact WCT corporate action have not been independently verified. If the quantity, CUSIP or transaction history does not reconcile, request the broker's corporate-action adjustment details and compare them with the issuer's notice. Do not assume that a temporary old quantity or a delayed app display means the reverse split has been cancelled.

Frequently asked questions

Why did my WCT share quantity decrease again?

Wellchange completed a 1-for-10 reverse split of its Class A ordinary shares for post-split trading on November 9, 2026. This followed a 1-for-5 reverse split that began trading on September 8. The two actions together produce a 1-for-50 consolidation across that period, before account-level rounding.

What is the WCT reverse split ratio for November 9, 2026?

The November action is a 1-for-10 reverse split. Every 10 Class A ordinary shares are combined into one Class A ordinary share. The ticker remains WCT and the new CUSIP is G9545M149.

What happens to fractional WCT shares?

The company says fractional entitlements will be rounded up to the next whole share and no fractional shares will be issued. It has not described a cash-in-lieu payment for this action.

If I had 55 WCT shares before the November split, how many will I have?

The mathematical entitlement is 5.5 shares. Under the company's stated rule, the fractional result is rounded up, so the holder-level entitlement is 6 whole Class A shares.

Does the WCT reverse split affect Class B shares?

No. The November 9 reverse split applies only to Class A ordinary shares. Class B ordinary shares remain unchanged.

Has WCT changed its Nasdaq ticker?

No. The Class A ordinary shares continue trading under WCT. The CUSIP changed to G9545M149 for the November post-split security.

Was the October 29 shareholder approval a separate reverse split from the November 9 action?

No. The October 29 shareholder approval and the November 9 start of post-split Nasdaq trading relate to the same 1-for-10 Class A consolidation. They should not be counted as two separate November reverse splits.

Does the lower WCT share count mean my investment lost 90% of its value?

Not automatically. The share count is reduced by a factor of 10 and the per-share price is mechanically adjusted. Actual portfolio value after the split depends on the market price and any rounding effect, not the share-count change alone.

WCT shareholders have now experienced two Class A reverse splits within roughly two months: 1-for-5 in September and 1-for-10 in November. The combined ratio is 1-for-50, while the November action alone is 1-for-10. The practical checks are the Class A designation, the new CUSIP G9545M149 and the company's rule to round fractional entitlements up to a whole share. Class B shares are unaffected, and the same WCT ticker continues trading after the consolidation.