Reliv International, Inc. (NASDAQ: RELV) announced on December 4, 2020, plans to voluntarily delist its common stock from NASDAQ and cease SEC reporting obligations. This decision follows a careful evaluation of the costs versus benefits of remaining a NASDAQ-listed company. A 1-for-2,000 reverse stock split, effective December 21, 2020, will precede a 2,000-for-1 forward stock split. Stockholders with fewer than 2,000 shares will receive $3.75 per share for fractional shares. Reliv aims to trade on OTC Markets post-delist.
Reliv International reported third-quarter 2020 net sales of $8.7 million, down 5.3% from $9.1 million in Q3 2019. U.S. sales decreased by 2.4%, largely influenced by previous product launches. Foreign sales were more affected, dropping 13.9%, with significant declines in Asia and Europe due to COVID-19. The net loss for the quarter was $125,000 versus $166,000 in the prior year. Although cash reserves grew to $3.3 million, the company plans to implement a reverse stock split as part of a strategy to delist from NASDAQ.
On October 19, 2020, Reliv International (NASDAQ:RELV) announced a 1 for 2,000 reverse stock split followed by a 2,000 for 1 forward stock split, aimed at deregistering from the SEC and delisting from NASDAQ. This move, effective on or about November 29, 2020, is in response to the high costs of being a public company, as stated by CEO Ryan Montgomery. Stockholders with less than 2,000 shares will receive $3.75 per share, while those with 2,000 or more shares will not see a change. Post-split, trading will shift to the OTC market.
Reliv International hosted its first international virtual conference, Reliv Strong 2020, on August 28-29, 2020, amid the COVID-19 pandemic. The event featured over eight hours of live streaming content, including tips from industry leaders and a new product launch. Attendees benefited from a custom app for networking and exclusive deals. The conference also included a fundraising auction for the Reliv Kalogris Foundation. CEO Ryan Montgomery highlighted the event's effectiveness in reaching a broader audience than ever before, signaling a shift toward virtual formats for future gatherings.
Reliv International reported its Q2 2020 results, achieving net sales of $8.0 million, a 2.9% decline from Q2 2019's $8.3 million. However, US sales increased by 3.1% to $6.1 million. Foreign market sales fell 18.0% due to COVID-19 disruptions, with declines of 18.3% in Asia and 20.4% in Europe. The net loss was $199,000 or $0.11 per share, improved from a $388,000 loss in Q2 2019. First half sales totaled $18.3 million, up 3.1%. Reliv had 25,490 active Distributors, a slight 0.6% increase.