FBS Global Limited (NASDAQ: FBGL) has completed a 1-for-10 reverse stock split of its ordinary shares, a consolidation approved by shareholders at an extraordinary general meeting on September 13 and effective as of September 28.
Under the terms of the share consolidation, every ten issued and outstanding ordinary shares were automatically combined into one. The change brings the company's par value per share up from $0.001 to $0.01, while the number of issued and outstanding shares falls from approximately 13.5 million to roughly 1.35 million. Authorized share capital remains unchanged at $500,000, but is now divided into 50 million shares rather than the prior 500 million.
The primary purpose of the split is to raise the per-share trading price so that FBS Global can satisfy Nasdaq Capital Market's $1.00 minimum bid price requirement for continued listing. The company's trading symbol will remain FBGL, and shares will trade on a split-adjusted basis. A new CUSIP number, G3337S117, has been assigned to the consolidated shares.
No fractional shares will be issued as part of the consolidation. FBS Global's board has been authorized to settle any fractional entitlements either by rounding up to the nearest whole share or by arranging for the sale of fractionally entitled shares and distributing the net proceeds to affected shareholders. Shareholders holding shares in brokerage accounts are not required to take any action, while holders of certificated shares will receive exchange procedure instructions from transfer agent VStock Transfer, LLC.
FBS Global Limited operates as a construction and building systems specialist focused on commercial, industrial, and public sector projects.
