Expion360 Inc. (XPON), a company specializing in lithium-ion battery power storage solutions, announced on Monday that its stockholders have approved a reverse stock split at a ratio of 1-for-100 for its common stock, which has a par value of $0.001 per share.
This reverse stock split will take effect at 5:00 p.m. Pacific Time on October 8, 2024. Trading of the company's common stock on The Nasdaq Capital Market under the symbol "XPON" will reflect the adjusted share count beginning on October 9, 2024, when the market opens. The purpose of this split is to help the company meet Nasdaq's minimum bid price requirement necessary for maintaining its listing on the exchange.
Upon the designated Effective Time, every 100 issued and outstanding shares of the company's common stock will be consolidated into a single share, though the par value will remain unchanged at $0.001 per share.
The reverse stock split will be applied uniformly across all shareholders. It will not impact the proportional ownership value or percentage stake of any individual shareholder in the company's common stock.