Trust Stamp (IDAI) announced that a reverse stock split of its common stock will become effective at the market open on Monday, January 6. The reverse stock split was approved by the company’s board of directors and shareholders and will be implemented at a ratio of 1-for-15. Following the split, every 15 issued and outstanding shares of common stock will be converted into one share of common stock. No fractional shares will be issued as a result of the reverse stock split, and any fractional shares that would otherwise have resulted from the reverse stock split will be rounded up. Gareth Genner, CEO, said, “The primary purpose of this reverse split is to bring the Company into compliance with Nasdaq Rule 5550(a)(2), but it also has a broader significance. As I will communicate later this month during our annual meeting on January 29, we have repositioned the company for 2025 with new strategic partnerships, new sources of income, and reduced expenses. We believe the reverse split brings our share price to a level where we will be eligible for investment by a greater number of family offices and institutions, and we will seek to significantly grow our shareholder base by reaching out to those investors to introduce them to our unique technology, and exciting growth opportunities.”
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
