ZW Data enacts 1-for-5 reverse stock split to regain Nasdaq compliance

ZW Data Action Technologies Inc.

Reverse stock split at ratio 1-for-5 effective January 18, 2023; trading on split-adjusted basis begins January 20.
Authorized shares reduced from 100M to 20M; issued and outstanding shares decreased proportionally.
Fractional shares rounded up to nearest whole share; no cash consideration paid.
Split aimed at achieving $1.00 minimum bid price for continued Nasdaq listing.
Stockholders holding shares in electronic form need not take any action; paper certificates may be exchanged.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

ZW Data Action Technologies Inc.: Approved a 1-for-5 reverse stock split of Common Stock, reducing authorized shares from 100,000,000 to 20,000,000, effective January 18, 2023 (effective 2023-01-18).

Change: charter amendment
Effective: 2023-01-18

Exact text from the filing

The Reverse Stock Split became effective on January 18, 2023 (the “Effective Date”), and the shares of Common Stock began trading on the split-adjusted basis on the Nasdaq under the Company’s existing trading symbol “CNET” at market open on January 20, 2023.

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Source: SEC EDGAR

accession 0001171843-23-000357

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