Liquid Media effects 1-for-5 reverse stock split
Liquid Media announces that it has effected a 1-for-5 reverse stock split in furtherance of the company's compliance plan and to fulfill Nasdaq's $4.00 per-share minimum bid price requirement. The closing bid price for Liquid's common shares closed at 84c on Nasdaq on October 12. The post-split price, which is equivalent to $4.20 per share, exceeds Nasdaq's minimum required closing bid price of $4.00 per share. Shares of common stock will begin trading on a split-adjusted basis when the market opens on Monday, October 15. The reverse split does not impact any shareholder's percentage ownership in Liquid.Shareholders voted in favor of the reserve split on July 23, 2018, which was unanimously recommended by the former board of directors of the company in the joint information circular dated June 8. The reverse split reduces the number of currently outstanding common shares in Liquid from 9,494,898 to approximately 1,898,979 shares. Upon closing of the strategic acquisitions and debt settlements announced on September 25 and October 12 and expected imminently, there will be approximately 3,109,200 common shares outstanding on a post-split basis.