Business
Where Food Comes From, Inc. Announces 1-for-4 Reverse Stock Split and Intention to List its Shares on the Nasdaq Stock Market
CASTLE ROCK, Colo., Nov. 24, 2020 (GLOBE NEWSWIRE) -- Where Food Comes From, Inc. (WFCF) (OTCQB: WFCF), the most trusted resource for independent, third-party
About this update from Where Food Comes From, Inc.
[{"type":"text","content":"CASTLE ROCK, Colo., Nov. 24, 2020 (GLOBE NEWSWIRE) -- Where Food Comes From, Inc. (WFCF) (OTCQB: WFCF), the most trusted resource for independent, third-party verification of food production practices in North America, today announced it plans to implement a 1-for-4 reverse split of its common stock that will be effective after the market closes on Monday, November 30, 2020. The Company also announced it intends to uplist its shares to Nasdaq.\n “The Board of Directors and management are pleased to announced plans to uplist our shares to the Nasdaq Capital Market,” said John Saunders, chairman and CEO of WFCF. “We believe that elevating our shares to the country’s premier exchange will raise our profile in the broader investment community and increase our appeal to institutional investors, ETFs and indexes. The planned uplisting together with the reverse stock split should make WFCF more attractive to investors that may have been prohibited from purchasing our shares due to certain restrictions on trading in lower priced stocks that are not listed on a major exchange. We appreciate the overwhelming support of our shareholders who authorized the reverse split.” At the Annual Meeting of Stockholders on May 13, 2019, WFCF stockholders approved a reverse stock split of not more than 1-for-4 as determined by the WFCF Board. The primary purpose of the reverse split is to raise the Company’s share price to a level that meets the initial listing standards of the Nasdaq Capital Market. The reverse split would result in each stockholder owning one share of stock for every four shares of stock previously owned. Following the reverse split, and except for adjustments that may result from the treatment of fractional shares that will be rounded up: 1) each stockholder will hold the same percentage of outstanding common stock as such stockholder held immediately prior to the reverse split; and 2) WFCF will have approximately 6,159,935 common shares outstanding compared to approximately 24,639,737 common shares outstanding immediately prior to the reverse split. WFCF has initiated the application process for the Nasdaq Capital Market and is working with Nasdaq representatives to complete the uplisting process as soon as practicable. WFCF will issue a news release once a target date for uplisting has been established. CAUTIONARY STATEMENTThis ne...