Vision Marine Technologies Inc. said its board approved a 1-for-10 reverse stock split, consolidating every ten ordinary shares into one.
The company, which trades under the ticker VMAR on the NASDAQ Capital Market and TSX Venture Exchange, expects the adjustment to reduce its issued and outstanding ordinary shares from approximately 6,530,460 to about 653,046. Fractional shares will be rounded up to the next whole share, with no fractional ordinary shares issued.
The reverse stock split is scheduled to take effect at the market open on Tuesday. The move aims to lift the per-share price above the Nasdaq’s minimum bid requirement of $1, under Nasdaq Listing Rule 5550(a)(2), though the company noted there is no guarantee the adjustment will maintain compliance.
Proportional adjustments will also apply to outstanding equity awards and incentive plans, including exercise prices and the number of underlying shares. Shareholders holding shares electronically via book-entry will not need to take any action.
The new CUSIP number for the consolidated shares is 92840Q608, and Odyssey Trust Company will serve as both transfer agent and exchange agent for the transaction.
