Precision Optics completes 1:3 reverse stock split targeting Nasdaq uplisting

PRECISION OPTICS CORPORATION, INC.

Reverse stock split effective Nov 1, 2022; shares outstanding reduced from 16,915,089 to ~5,638,302.
Split intended to meet Nasdaq minimum $3 bid price; ticker temporarily PEYED (up to 20 days), then POCI.
Company filed Nasdaq listing application; believes all other listing requirements are satisfied.
Shareholders approved split in April 2022; Board set 1:3 ratio; fractional shares paid in cash at 5-day avg close.
Split does not alter percentage interest except for fractional share cash-outs.

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

PRECISION OPTICS CORPORATION, INC.: Filed Articles of Amendment to effect a 1:3 reverse stock split of Common Stock, with effective date set to 11:59 p.m. Eastern Time on November 1, 2022, after prior delays and re-filings (effective 2022-11-01).

Change: charter amendment
Effective: 2022-11-01

Exact text from the filing

The Company filed Articles of Amendment with the Secretary of the Commonwealth of Massachusetts on October 24, 2022. Under that filing, the Reverse Stock Split was to become effective after the close of business on Wednesday, October 26, 2022. Due to unanticipated delays in obtaining necessary trading clearances, however, the Company on October 26, 2022 made a further Articles of Amendment filing with the Secretary of the Commonwealth to override the earlier amendment and thus avoid the reverse split taking effect later that day. Having received appropriate indications on October 27, 2022 that the necessary trading clearances would be forthcoming, the Company then set a new effective date of the Reverse Stock Split for 11:59 p.m. Eastern Time on Tuesday, November 1, 2022 (the “Revised Effective Time”) and filed additional Articles of Amendment with the Secretary of the Commonwealth accordingly on October 27, 2022.

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PRECISION OPTICS CORPORATION, INC. filing history →

Source: SEC EDGAR

accession 0001683168-22-007213

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