Mega Matrix Inc., a Singapore-headquartered company that operates FlexTV, a short-video streaming platform and producer of short dramas, announced a 1-for-20 reverse stock split of its ordinary shares.
The consolidation will take effect at 4:05 p.m. New York time on Monday, September 15, with post-split trading expected to begin at market open on Tuesday, September 16.
The move will reduce the company’s issued and outstanding Class A ordinary shares from approximately 62.49 million to roughly 3.12 million, subject to rounding adjustments. No fractional shares will be issued; any fractional entitlements will be rounded up to the next whole share. Shares held in book-entry form or through a broker will be automatically adjusted, according to the filing.
Mega Matrix stated the primary purpose of the reverse split is to increase its per-share trading price and maintain compliance with NYSE American listing requirements.
The company also disclosed changes to its authorized share capital. Authorized Class A ordinary shares will be reduced from 1 billion shares with a $0.001 par value each to 50 million shares with a $0.02 par value each, while the total authorized capital remains unchanged at $1,110,000. Class B and Class C ordinary shares will undergo similar adjustments. Preferred shares remain at 10 million shares with a $0.001 par value.
Outstanding warrants and other equity rights will be proportionately adjusted to reflect the consolidation. The new CUSIP number for Class A ordinary shares following the split will be G6005C116. Continental Stock Transfer & Trust Company serves as the company’s transfer agent.
