Core Viewpoint - Forward Industries, Inc. will implement a 1-for-10 reverse stock split effective June 18, 2024, to comply with Nasdaq's minimum bid price requirement [1][2]. Group 1: Reverse Stock Split Details - The reverse stock split will convert ten shares of common stock into one share, maintaining the par value at $0.01 per share [5]. - No fractional shares will be issued; any fractional shares will be rounded up to the nearest whole share [3]. - The reverse stock split will not affect stockholders' percentage interest in the company's equity, except for rounding adjustments [3]. Group 2: Compliance and Approval - The reverse stock split aims to help the company meet the $1.00 minimum bid price requirement for Nasdaq listing compliance [2]. - Shareholders approved the reverse stock split proposal at a special meeting on June 10, 2024, with the board of directors deciding on the 1-for-10 ratio [4]. Group 3: Operational Aspects - The company's transfer agent, Equiniti Stock Transfer, will manage the exchange process for the reverse stock split [7]. - Registered stockholders will not need to take action to receive post-split shares, as their positions will be automatically adjusted [7].
Forward Announces 1-For-10 Reverse Stock Split Effective June 18, 2024