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Olenox Industries Announces Stockholders' Approval of 1-for-10 Reverse Stock Split
CONROE, TX / ACCESS Newswire / May 6, 2026 / Olenox Industries Inc. (NASDAQ:OLOX) ("Olenox" or the "Company"), a vertically integrated energy company focused
About this update from Olenox Industries Inc.
[{"type":"text","content":"CONROE, TX / ACCESS Newswire / May 6, 2026 / Olenox Industries Inc. (NASDAQ:OLOX) (\"Olenox\" or the \"Company\"), a vertically integrated energy company focused on oil and gas, energy services and energy technologies, today announced that it will effect a 1-for-10 reverse stock split (the \"Reverse Split\") of its common stock, par value $0.01 per share (the \"Common Stock\"), that will become effective on May 8, 2026 at 12:01 AM Eastern Time. Olenox has requested that its Common Stock become trading on May 8, 2026, on a post-reverse split basis, on the Nasdaq Capital Market (\"Nasdaq\") under the existing symbol \"OLOX\". The new CUSIP number for the Common Stock following the Reverse Split will be 78418A802.The Reverse Split is primarily intended to increase the per-share trading price of the Common Stock to satisfy the $1.00 minimum bid price requirement for continued listing on Nasdaq.Reverse Stock SplitEach 10 shares of issued and outstanding Common Stock will be automatically combined into one share of Common Stock.No fractional shares will be issued. Stockholders who would otherwise be entitled to receive a fractional share will have the number of shares rounded up to the next whole share.The Reverse Split will affect all stockholders uniformly and will not alter any stockholders' percentage ownership interest in the Company, other than minor changes resulting from the rounding up of fractional shares.Proportionate adjustments will be made to the number of shares of Common Stock underlying outstanding options, warrants, restricted stock awards, and other equity awards, as well as to the applicable exercise or conversion prices, as required by their terms.The par value of the Common Stock will remain unchanged at $0.01 per share. The Reverse Split will not affect the number of authorized shares of Common Stock or preferred stock.Following the Reverse Split, the number of shares of Common Stock issued and outstanding will be reduced from approximately 10.2 million to approximately 1.2 million.Stockholder and Board ApprovalsAt the Company's Annual Meeting of Shareholders held on March 31, 2026, stockholders approved a proposal to authorize the Company's board of directors (the \"Board\"), in its sole and absolute discretion, to effect a reverse stock split at a ratio between 1-for-10 and 1-for-20. On April 22, 2026, the Boa...