- Active Health Foods ( OTCPK:AHFD ) has terminated its $20M Regulation A public offering of its shares.
- Separately, the company has implemented a reverse-split of its common shares on a 1-for-7,000 basis. The move is to help the company qualify for listing on the Nasdaq Capital Market, which is anticipated in the first quarter of 2023.
- Post split, the capitalization of the company will be reduced to 100M common shares authorized. The previous increase to 37B authorized shares for the purpose of the Reg A offering will be amended.
- AHFD President Joe Wallace stated: "Our plan is to uplist to the NASDAQ Capital Markets once AHFD’s minimum bid price trades at $4.00 per share for 90 days, which will increase the value to all of our shareholders and attract new market makers trading our shares."
For further details see:
Active Health Foods to implement reverse stock split