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DropCar announces 1-for-6 reverse stock split.

As announced by DropCar on September 25, 2018, the Listing Qualifications Department of the Nasdaq Stock Market granted the company a 180-day period to regain compliance with the requirement of a minimum $1.00 per share closing bid price of its common stock for ten consecutive business days for continued inclusion on the Nasdaq Capital Market. The company provided a written notice of its intention to cure the deficiency during the 180-day extension period by effecting a reverse stock split, if necessary. Accordingly, the company today announced that it is effecting a reverse stock split of its issued and outstanding common stock, par value $0.0001 per share, at a ratio of one share of common stock for every six shares of common stock outstanding after the close of market on Friday, March 8, 2019. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the company's equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of the company's common stock will receive payment in cash in lieu of any such resulting fractional shares of common stock as the post-reverse split amounts of common stock will be rounded down to the nearest full share. The company's common stock will continue to trade on the Nasdaq Capital Market under the stock ticker "DCAR" but will trade under the new CUSIP number 26210U203.

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Publication:The Fly
Date:Mar 8, 2019
Words:260
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