GrowLife announces 1-for-150 reverse stock split
GrowLife announced a 1-for-150 reverse split of its issued and outstanding common stock effective November 27, 2019. The common stock will begin trading on a split-adjusted basis on November 27, 2019 on OTC Markets under the ticker symbol "PHOTD". The "D" is appended at the end of the ticker symbol for twenty trading days at which time the symbol will revert back to "PHOT." The Reverse Stock Split was previously approved by the Company's shareholders at the Company's December 6, 2018 annual meeting of stockholders. The approvals provided discretion to the Board to implement the Reverse Stock Split by the end of 2019. As a result of the Reverse Stock Split, every one hundred and fifty shares of the issued and outstanding common stock of the Company will be converted into one share of common stock. All fractional shares created by the Reverse Stock Split will be rounded up to the nearest whole share. Each shareholder will receive at least one share. By implementing the reverse stock split, the Company also hopes to gain broader access to the institutional investment community and improve the marketability and liquidity of the common stock for its shareholders and investors. "Now is the right time for a reverse split and this is a great move for GrowLife. Our expected impact from our 2020 CBD clone starter business will need a company structured for such growth and benefits. With the reverse we see greater access to capital, expect to shortly up-list to OTC QB thereby making it easier for shareholders to trade with more brokerage houses, and ultimately positions GrowLife to better serve our shareholder base at a more manageable level." Additionally, on October 9, 2019, the Board approved the reduction of authorized capital stock, whereby the total number of authorized common stock of the Company decreased from 6,000,000,000 by a ratio of 1 for 50, to 120,000,000 shares. As a result of the reduction, the Company has an aggregate 130,000,000 authorized shares consisting of : 120,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share.