AgEagle Aerial Systems effects 1-for-20 reverse stock split to meet NYSE American listing requirement

AgEagle Aerial Systems Inc.

1-for-20 reverse stock split effective February 9, 2024; authorized shares unchanged at 100 million.
Every 20 outstanding shares converted into 1 share; proportionate ownership unchanged except fractional shares rounded up.
Split approved by stockholders on November 14, 2023; Board had discretion to set ratio between 1:10 and 1:20.
Purpose is to increase per-share price to maintain NYSE American listing; stockholders need not exchange certificates.

Key facts

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

AgEagle Aerial Systems Inc.: Amended Articles of Incorporation to effect a 1-for-20 reverse stock split (effective 2024-02-09).

Change: charter amendment
Effective: 2024-02-09

Exact text from the filing

On February 8, 2024, AgEagle Aerial Systems Inc. (the “Company”) filed a Certificate of Amendment to its Articles of Incorporation, as amended to date (the “Charter”), effecting a 1-for-20 reverse stock split (the “Reverse Stock Split”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”) (the “Reverse Split Amendment”).

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Source: SEC EDGAR

accession 0001493152-24-005564

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