NuZee, Inc., a leading U.S. producer and co-packer of single serve coffee formats, announced that it intends to effect a 1-for-35 reverse stock split of its issued and outstanding shares of common stock.
As previously disclosed, at the Company’s Special Meeting of Stockholders (“Special Meeting”) held on December 9, 2022, the stockholders of the Company approved a reverse stock split of the Company’s issued and outstanding shares of its common stock and authorized the Board of Directors (the “Board”) to select the ratio of the reverse stock split within a range from 1-for-10 to 1-for-50. The Board has since exercised such discretion to effect a 1-for-35 reverse stock split.
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The reverse stock split will become effective on Wednesday, December 28, 2022 upon filing with the Nevada Secretary of State of an amendment to the Company’s articles of incorporation. The Company’s common stock is expected to begin trading on a split-adjusted basis under a new CUSIP when the market opens on Thursday, December 29, 2022. The Company’s common stock will continue to trade on the Nasdaq Capital Market under the symbol “NUZE.” The reverse stock split is intended to increase the per share trading price of the Company’s common stock to enable the Company to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
The 1-for-35 reverse stock split will automatically convert 35 current shares of the Company’s common stock into one share of common stock. No fractional shares will be issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares of the Company’s common stock shall be entitled to receive such additional fraction of a share of the Company’s common stock as is necessary to increase the fractional shares to a full share. The reverse stock split did not change the par value of the common stock or the authorized number of shares of common stock.
Proportional adjustments also will be made to the exercise and conversion prices of the Company’s outstanding stock options and warrants, and to the number of shares issued and issuable under the Company’s stock incentive plans.
SOURCE: PR Newswire