2023-04-04 10:11:12 ET
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The Alkaline Water Company ( NASDAQ: WTER ) said Tuesday its board approved a 15-for-1 reverse stock split, effective April 5, 2023.
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Shares -21% at 12 cents.
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The company's common stock will continue to trade on the Nasdaq under the current trading symbol, “WTER,” and will be open for trading on a split-adjusted basis on April 5, 2023.
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As a result of the reverse stock split, the company’s authorized common stock will decrease from 200 million shares to 13.3 million shares of common stock.
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The number of the issued and outstanding shares of common stock is expected to decrease from about 152,080,692 to about 10,138,713.
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Any fractional shares resulting from the reverse stock split will be rounded up to the next nearest whole number.
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The company’s authorized preferred stock will not be affected by the reverse stock split and will continue to be 100,000,000 shares of preferred stock, with a par value of US$0.001 per share.
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The company is effectuating the reverse stock split to increase the per share trading price of its stock in order to satisfy the minimum bid price requirement for continued listing on the Nasdaq.
For further details see:
Alkaline Water announces reverse stock split to regain listing compliance with Nasdaq