Steel Connect effects 1-for-9.333 reverse stock split to regain Nasdaq compliance

Steel Connect, Inc.

Net 1-for-9.333 reverse stock split effective June 21, 2023 through 1-for-3,500 reverse followed by 375-for-1 forward.
Purpose: regain $1.00 minimum bid price for continued Nasdaq listing.
No fractional shares issued; stockholders with fewer than 3,500 pre-split shares receive cash.
Trading symbol 'STCN' unchanged; new CUSIP 858098205 assigned.
Split-adjusted trading began at market open on June 22, 2023.

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

Steel Connect, Inc.: Filed Certificates of Amendment to effect a 1-for-3,500 reverse stock split followed by a 375-for-1 forward stock split (effective 2023-06-21).

Change: charter amendment
Effective: 2023-06-21

Exact text from the filing

On June 21, 2023, Steel Connect, Inc., a Delaware corporation (the “Company”), filed a certificate of amendment to the Company’s restated certificate of incorporation (the “Charter”) with the Secretary of State of the State of Delaware (the “First Certificate of Amendment”) to effect a 1-for-3,500 reverse stock split

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Source: SEC EDGAR

accession 0001213900-23-050998

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