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Mitesco ( OTCQB:MITI ) said on Friday the Financial Industry Regulatory Authority informed the company that its common stock split will take place on Friday.
The reverse split is in a ratio of 50-for-1, and any fractional shares as a result of the split will be rounded up to a single share.
After the reverse stock split becomes effective, the company will have about 4.5M shares of common stock.
The new symbol will be MITID. However, after 20 business days, the symbol will change back to MITI.