ARVL - Arrival to execute reverse stock split to maintain Nasdaq listing
2023-04-11 09:19:22 ET
- Arrival ( NASDAQ: ARVL ) plans to implement a reverse stock split of all of its ordinary shares at a ratio of 1-for-50 in order to meet Nasdaq's minimum value bid requirement for maintaining listing on the exchange.
- The reverse stock split will be effective at 12:01 a.m. ET on April 14, 2023. As a result, every 50 ordinary shares held as of April 12, 2023 will be automatically combined into one ordinary share.
- After giving effect to the split, the company's authorized share capital will be $540,000, divided into 54M ordinary shares with an accounting par value. The move will not affect any shareholder’s percentage ownership interest in the company.
- On Monday, shares in the European EV startup surged on merger announcement
- Shares are down around 10% premarket on Tuesday
For further details see:
Arrival to execute reverse stock split to maintain Nasdaq listing