Verb Technology completes 1-for-40 reverse stock split to regain Nasdaq compliance

TON Strategy Co

Reverse split ratio of 1-for-40 reduced outstanding shares from ~153.6M to ~3.84M.
Authorized common stock increased from 200M to 400M shares via charter amendment.
Split effective April 19, 2023; new CUSIP 92337U203; no fractional shares issued.
Intended to bring share price above Nasdaq's $1.00 minimum bid listing requirement.
CEO cites potential naked short selling as factor; plans to provide update to stockholders.

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

TON Strategy Co: Effected a 1-for-40 reverse stock split and increased authorized common stock from 200,000,000 to 400,000,000 shares (effective 2023-04-17).

Change: charter amendment
Effective: 2023-04-17

Exact text from the filing

On April 17, 2023, the Company filed a Certificate of Amendment of Articles of Incorporation (the “Certificate of Amendment”) effecting a reverse stock split with a ratio of 1-for-40 (the “Reverse Split”) and reflecting an increase in the Company’s authorized shares of common stock from 200,000,000 to 400,000,000.

View on SEC.gov

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TON Strategy Co filing history →

Source: SEC EDGAR

accession 0001493152-23-012814

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