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Electrovaya Announces Reverse Stock Split and Trading Symbol Change in Preparation for Nasdaq Listing
Company prepares Nasdaq listing as a dual listed issuer with no concurrent financing TORONTO,...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Announces Reverse Stock Split and Trading Symbol Change in Preparation for Nasdaq ListingCompany prepares Nasdaq listing as a dual listed issuer with no concurrent financingTORONTO, ON / ACCESSWIRE / June 12, 2023 / Electrovaya, Inc. (\"Electrovaya\" or the \"Company\") (TSX:EFL)(OTCQB:EFLVF) a leading lithium-ion battery technology and manufacturing company, announces it intends to proceed with a reverse split of its issued and outstanding common stock at a ratio of 1 consolidated for 5 pre-consolidated shares. The Company is initiating the reverse stock split in connection with its intention to meet the minimum bid price requirement and list the Company's common stock for trading on the Nasdaq Capital Market. The Company is working towards meeting all applicable listing standards.The Company's common stock is currently listed and posted for trading on the TSX under the trading symbol \"EFL\", and trades on the OTCQB under the symbol \"EFLVF\". The Company's trading symbol on TSX will also be changed to \"ELVA\" following the consolidation, which symbol has also been reserved with Nasdaq when and if we list. The post-consolidation common shares are estimated to begin trading on TSX under CUSIP number 28617B606, and under the new ticker symbol, by Friday, June 16th, 2023.Dr. Raj DasGupta, CEO of Electrovaya, states, \"We are implementing a reverse stock split to comply with the minimum bid price requirement for Nasdaq listing. The transition to a major US exchange signifies an important forward step for improving the visibility of the company in major capital markets.\"As a result of the reverse stock split, each five common shares will automatically combine into one common share without any action from stockholders, reducing the number of outstanding shares from approximately 164.86 million shares to approximately 32.97 million shares. The reverse split will not alter any shareholder's percentage of equity interest in the Company, except to the extent that the reverse split results in a shareholder owning a fractional share. Any fractional shares resulting from the reverse split will be rounded down to the nearest lower whole number of shares without compensation to a holder.The consolidation was approved by the Company's shareholders at the Company's annual general and special meeting held on March 24, 2023, and th...