AgriFORCE Announces Reverse Stock Split for Nasdaq Compliance
Rhea-AI Summary
AgriFORCE Growing Systems (NASDAQ: AGRI) has announced a 1-for-100 reverse stock split of its common shares, effective December 5, 2024. The decision, approved by shareholders on November 25, 2024, aims to comply with Nasdaq's minimum bid price requirement under Listing Rule 5550(a)(2). Every 100 outstanding common shares will automatically be combined into one common share.
Positive
- None.
Negative
- Implementation of 1-for-100 reverse stock split indicates significant share price deterioration
- Company forced to take drastic measures to maintain Nasdaq listing compliance
- Risk of potential delisting from Nasdaq due to minimum bid price requirements
News Market Reaction
On the day this news was published, AGRI declined 22.73%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
VANCOUVER, British Columbia, Dec. 03, 2024 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ: AGRI), an intellectual property focused agtech company, today announced the Company’s Board of Directors has approved a reverse stock split of the Company’s issued and outstanding common shares whereby every one hundred (100) shares of its outstanding common shares will automatically be combined into one (1) common share. The reverse split was approved by the Company’s shareholders on November 25, 2024 and will be effective as of the commencement of trading on December 5, 2024. The reverse stock split is being implemented for the purpose of complying with the closing bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2).
ABOUT AGRIFORCE
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is a tech company focused on building an integrated platform that combines the best technology, intellectual property, and knowledge to solve an urgent problem – providing the best solutions to help drive value added benefits to our shareholders through use of sustainable technologies. Additional information about AgriFORCE is available at: www.agriforcegs.com.
Follow AgriFORCE on Twitter: @agriforcegs
Follow AgriFORCE on Facebook: AgriFORCE Growing Systems Ltd.
Connect with AgriFORCE on LinkedIn: AgriFORCE Growing Systems Ltd.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities of the issuer. Any offer to sell or solicitation of an offer to buy securities of the issuer may only be made pursuant to a valid prospectus pursuant to an effective registration statement or pursuant to a valid exemption from registration under the Securities Act of 1933, as amended and the rules and regulations promulgated thereunder.
Contacts:
Richard Wong, CFO
rwong@agriforcegs.com
CORE IR
investorrelations@agriforcegs.com
FAQ
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