Expion360, maker of in lithium-ion battery power storage solutions, announced that its board of directors authorized the stockholders approved 1-for-100 reverse stock split of its common stock, par value $0.001 per share.
The reverse stock split will become effective at 5:00 p.m. Pacific Time on Oct. 8. The common stock will continue to trade on The Nasdaq Capital Market under the symbol “XPON” and will begin trading on a post-split basis when the market opens on Oct. 9. The new CUSIP number for the common stock following the reverse stock split will be 30218B 209.
The reverse stock split is intended to enable the company to regain compliance with the minimum bid price requirement for continued listing on Nasdaq.
At the effective time of the reverse stock split, every 100 shares of the company’s issued and outstanding common stock will be combined into one share of common stock issued and outstanding, with no change to the par value of $0.001 per share. No fractional shares of common stock will be issued as a result of the reverse stock split and instead each holder of common stock who would otherwise be entitled to receive a fractional share as a result of the reverse stock split will receive one whole share of common stock in lieu of such fractional share. In addition, the reverse stock split will effect a reduction in the number of shares issuable pursuant to the company’s equity awards, warrants and non-plan options outstanding as of the effective time of the reverse stock split, and a corresponding increase in the respective exercise prices, conversion prices, reset prices and the like thereunder. The reverse stock split affects all stockholders uniformly and will not alter any stockholder’s percentage interest in the common stock, except for adjustments that may result from the treatment of fractional shares.
Pacific Stock Transfer Company is acting as transfer and exchange agent for the reverse stock split. Stockholders with shares held in certificated form will receive from Pacific Stock Transfer Company instructions regarding the exchange of their certificates. Stockholders that hold shares in book-entry form or hold their shares in brokerage accounts are not required to take any action and will see the impact of the reverse stock split reflected in their accounts, subject to brokers’ particular processes. Beneficial holders of common stock are encouraged to contact their bank, broker, custodian or other nominee with questions regarding procedures for processing the reverse stock split.