Better Choice enacts reverse stock split to meet NYSE standards
BTTR
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Better Choice Company (NYSE: BTTR) has executed a 1-for-44 reverse stock split of its common stock, effective March 20, 2024, in a strategic move to comply with NYSE American’s continued listing standards.
The Board of Directors, with the authorization of the majority shareholders, had previously established a range for the reverse stock split, allowing for a ratio between 1-for-25 and 1-for-45. The final ratio was determined by the Board on March 4, 2024.
The reverse stock split will result in a change of the company’s CUSIP number to 08771Y 402, although the par value of the common stock will remain unchanged. This corporate action will apply uniformly to all shareholders, preserving each individual’s ownership percentage in the company, except for adjustments resulting from the issuance of whole shares to replace fractional shares that would have otherwise been created by the split.
Shareholders owning fractional shares will receive one whole share instead, ensuring they maintain their proportional stake in the company. Equity Stock Transfer LLC, the company’s transfer agent, will guide stockholders holding physical stock certificates through the process of exchanging their certificates.
This measure follows a notification from the NYSE American indicating that Better Choice Company was not meeting the required continued listing standards due to the low trading price of its stock. The reverse stock split is a direct response to this notification, aiming to bolster the stock price and secure the company’s position on the exchange.
Investors holding shares in brokerage accounts or “street name” do not need to take any action as the reverse stock split will be handled by their brokers. The stock will begin trading on a post-split basis at the market open on March 21, 2024.
The company’s decision to implement the reverse stock split reflects its commitment to maintaining compliance with NYSE American’s listing standards and enhancing shareholder value. This information is based on a press release statement.
