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Mitesco, Inc. Sets Stock Split Date, Readies for Uplist, Increases Shareholders Equity
Mitesco, Inc. Sets Stock Split Date, Readies for Uplist, Increases Shareholders Equity.
About this update from Mitesco, Inc.
[{"type":"text","content":"\n Minneapolis, MN, Dec. 09, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Mitesco, Inc. (OTCQB: MITI and www.mitescoinc.com, “the Company”) today announced that the Financial Industry Regulatory Authority, Inc. (FINRA) has notified the Company that it will effect its common split as of trading on December 9, 2022. The reverse split is in a ratio of 50:1, and any fractional shares as a result of the split will be rounded up to a single share. The action was approved by written consent of a majority of its shareholders as of April 12, 2022, and was reported on Form DEF 14-C, which can be found at https://www.sec.gov/Archives/edgar/data/802257/000118518522000425/mitesco20220411_def14c.htm. The Company also filed an amendment to the articles of incorporation to reflect the reverse split. The authorized shares of common stock will remain at 500,000,000. Immediately after the reverse stock split becomes effective, the Company will have approximately 4.5 million shares of common stock outstanding.   “This is a critical element of our uplisting to the NASDAQ Market as there is a requirement that our common stock meets certain price requirements at the time of the listing. Further, we are resetting our balance sheet and shareholder’s equity such that we will meet those requirements as well,” explained Larry Diamond, CEO. He continued, “We are working with our key investors and lenders to convert a substantial amount of our debt into equity, which acts to both reduce our operating costs from debt service, and the amount of new equity needed to accomplish our listing requirements. All of us in the Company are shareholders, and our interests are fully aligned with those of the entire universe of shareholders.” Mr. Diamond continued, “We also recently made a minor change to the Company’s Bylaws to provide for a quorum of at least 33 1/3% for any meeting of the shareholders of common stock as provided by Nasdaq Rule 5620(c) (the ‘Amended Bylaws’). Again, another step to be compliant with the rules provided by Nasdaq for the listing of our common stock. We are fully committed to the move up to Nasdaq, and we will take all steps to accomplish this, including further adjustments to our capital structure if needed to meet all of the requireme...