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BTCS Announces Reverse Stock Split in Preparation for Uplist to Nasdaq
Silver Spring, MD, Aug. 17, 2021 (GLOBE NEWSWIRE) -- BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a blockchain technology focused company, today
About this update from Btcs Inc.
[{"type":"text","content":"Silver Spring, MD, Aug. 17, 2021 (GLOBE NEWSWIRE) -- BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a blockchain technology focused company, today announced that the Company has implemented a reverse split of its issued and outstanding common stock at a ratio of 1-for-10 shares. The reverse split is intended to enable the Company to meet the stock price requirement for initial listing on The Nasdaq Capital Market. The Company's common stock will begin trading on a split-adjusted basis on the OTCQB under the trading symbol “BTCSD” today. The fifth character “D” will be removed from the Company’s trading symbol after 20 business days if the stock is still trading on the OTCQB, or upon the listing of the Company’s common stock on Nasdaq, whichever occurs first. At that time, the Company’s trading symbol will revert to “BTCS”. Each 10 shares of the Company's issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value $0.001 per share. Proportional adjustments will also be made to all the Company’s outstanding securities including the shares issuable in connection with the Company's outstanding convertible preferred stock, stock options, RSUs, and warrants. As a result of the reverse split, there will be approximately 5.7 million shares of common stock outstanding. Upon the effectiveness of the reverse split, there will also be a proportional decrease of the Company’s authorized shares of common stock at the same ratio of 1-for-10, resulting in approximately 97.5 million authorized shares of common stock following the action. The reverse split will uniformly impact all stockholders, as it will not alter any stockholder's percentage equity interest in the Company, and not result in any dilution, except to the extent that the reverse split results in a stockholder owning a fractional share. Any fractional shares resulting from the reverse split will be rounded up to the next whole number of shares. Those shares of the Company’s common stock held by stockholders through a brokerage account will automatically adjust to reflect the 1-for-10 share reverse split. It is not necessary that stockholders holding shares of the Company’s common stock in certificated form exchange their existing stock certificates for new stock certificates in connection with...