Business
LQR House Announces Effective Date for 1-for-60 Reverse Stock Split as Part of Nasdaq Compliance Plan
MIAMI BEACH, FL / ACCESSWIRE / November 28, 2023 / LQR House Inc. (the "Company" or "LQR House") (NASDAQ:LQR), a leading ecommerce platform and marketing
About this update from Lqr House Inc.
[{"type":"text","content":"MIAMI BEACH, FL / ACCESSWIRE / November 28, 2023 / LQR House Inc. (the \"Company\" or \"LQR House\") (NASDAQ:LQR), a leading ecommerce platform and marketing agency specializing in the spirits and beverage industry, today announced that it is implementing a 1-for-60 reverse stock split of its common stock, with an effective date of 12:01 a.m., Eastern Time, on November 30, 2023.In response to a written notification from the Listing Qualifications Staff of the Nasdaq Stock Market, LLC (\"Nasdaq\") on October 24, 2023, indicating non-compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq Capital Market, LQR House's Board of Directors, in conjunction with a unanimous decision from the majority shareholders, has approved the reverse stock split as a strategic measure to address this concern.Upon the reverse stock split taking effect, every sixty issued and outstanding shares of common stock will be consolidated into one share of common stock. The common stock will commence trading on a split-adjusted basis on The Nasdaq Capital Market under a new CUSIP number at the market open on November 30, 2023.The reverse stock split aims to bring LQR House into compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). However, it is important to note that there is no guarantee that the Company will meet the minimum bid price requirement.\"All along, we have been working diligently with various Investor Relations specialists, holding off on the reverse stock split while striving for complete transparency about our growth initiatives. Our goal is to demonstrate to the markets how undervalued LQR House truly is,\" stated Sean Dollinger, CEO of LQR House. \"We are firm believers that this company will gain the recognition it deserves as we continue to build through partnerships and acquisitions, showcasing how LQR House is transforming an age-old industry.\"All outstanding stock options, share purchase warrants, and other convertible securities of the Company, convertible into pre-reverse stock split common shares, will be adjusted at the same reverse stock split ratio. Holders of such pre-reverse stock split convertible securities will receive post-reverse stock split common shares based on these adjusted terms. Importantly, the reverse stock split will not alt...