TANH - Tantech to initiate reverse stock split after gaining extension on compliance deadline
- Tantech Holdings ( NASDAQ: TANH ) is implementing a reverse stock split after having received an extension of 180 calendar days from Nasdaq to regain compliance under the stock exchange's minimum bid price requirement.
- The bamboo charcoal-based products company has to regain compliance, i.e. the closing price of the shares needs to be at least $1 per share or greater for at least 10 consecutive business days, through Apr. 24, 2023.
- The board approved a reverse stock split at the ratio of 1-for-24 on Oct. 28.
- The consolidation is expected to be effective on or around Nov. 4, and the trading of shares on a split-adjusted basis is anticipated to begin soon thereafter on a date approved by Nasdaq.
- After the consolidation, TANH's shares will trade under a new CUSIP.
- TANH shares were trading -8.40% pre-market.
- Source: Press Release
For further details see:
Tantech to initiate reverse stock split after gaining extension on compliance deadline