Investing.com | Editor Natashya Angelica
Published Mar 09, 2024 05:42
Better Choice Company (NYSE: BTTR) has executed a 1-for-44 reverse stock split of its common stock, effective March 20, 2024, in a strategic move to comply with NYSE American's continued listing standards.
The Board of Directors, with the authorization of the majority shareholders, had previously established a range for the reverse stock split, allowing for a ratio between 1-for-25 and 1-for-45. The final ratio was determined by the Board on March 4, 2024.
The reverse stock split will result in a change of the company's CUSIP number to 08771Y 402, although the par value of the common stock will remain unchanged. This corporate action will apply uniformly to all shareholders, preserving each individual's ownership percentage in the company, except for adjustments resulting from the issuance of whole shares to replace fractional shares that would have otherwise been created by the split.
Shareholders owning fractional shares will receive one whole share instead, ensuring they maintain their proportional stake in the company. Equity Stock Transfer LLC, the company's transfer agent, will guide stockholders holding physical stock certificates through the process of exchanging their certificates.
This measure follows a notification from the NYSE American indicating that Better Choice Company was not meeting the required continued listing standards due to the low trading price of its stock. The reverse stock split is a direct response to this notification, aiming to bolster the stock price and secure the company's position on the exchange.
Investors holding shares in brokerage accounts or "street name" do not need to take any action as the reverse stock split will be handled by their brokers. The stock will begin trading on a post-split basis at the market open on March 21, 2024.
The company's decision to implement the reverse stock split reflects its commitment to maintaining compliance with NYSE American's listing standards and enhancing shareholder value. This information is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.