Sacks Parente Golf Company, Inc. reports that its Board of Directors has approved a 1-for-10 reverse stock split of the company’s common stock (Nasdaq: SPGC).
The reverse stock split will reportedly become effective on July 30, 2024, at 12:01 am EST. The company’s common stock is expected to begin trading on a reverse stock split-adjusted basis on The Nasdaq Capital Market on July 30, 2024 at market open under the existing ticker symbol, SPGC.
The reverse stock split is intended to increase the price per share of the company’s common stock to allow Sacks Parente Golf to demonstrate compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq, among other benefits.
As of the effective time, every ten shares of the company’s issued and outstanding common stock will be combined into one share of common stock. The par value per share of its common stock will remain unchanged at $0.001. Proportional adjustments will be made to the number of shares of common stock issuable upon the exercise of the company’s equity awards, options, and warrants, as well as the applicable exercise price and the number of shares authorized and reserved for issuance pursuant to the company’s equity incentive plans.
No fractional shares will be issued due to the reverse stock split; rather, the company will issue a cash payment equal to the value of the fractional shares, so no stockholder will hold fractional shares following the reverse stock split.
The company’s transfer agent, VStock Transfer, LLC, will serve as the exchange agent for the reverse stock split. Registered stockholders holding pre-reverse stock split shares of common stock electronically in book-entry form are not required to take any action to receive post-reverse stock split shares. Those stockholders who hold their shares in brokerage accounts or in “street name” will have their positions automatically adjusted to reflect the reverse stock split, subject to each broker’s particular processes, and will not be required to take any action in connection with the reverse stock split.
Image courtesy Sacks Parente Golf Company
