Inno Holdings Inc., a Texas-based corporation, has announced a reverse stock split of its common stock by a ratio of 1-for-10, approved by written consent from the majority of its voting power. The action, taken on September 6, 2024, by stockholders holding approximately 81% of the voting power, is set to be effective no earlier than 20 days after the Information Statement is provided to stockholders. The reverse stock split is intended to increase the per-share trading price of Inno Holdings' common stock to comply with Nasdaq's minimum bid price requirement and avoid delisting. The Board of Directors has the discretion to implement the reverse stock split at any time on or before October 31, 2024. The company has stated that no fractional...Show More

Inno Holdings Inc., a Texas-based corporation, has announced a reverse stock split of its common stock by a ratio of 1-for-10, approved by written consent from the majority of its voting power. The action, taken on September 6, 2024, by stockholders holding approximately 81% of the voting power, is set to be effective no earlier than 20 days after the Information Statement is provided to stockholders. The reverse stock split is intended to increase the per-share trading price of Inno Holdings' common stock to comply with Nasdaq's minimum bid price requirement and avoid delisting. The Board of Directors has the discretion to implement the reverse stock split at any time on or before October 31, 2024. The company has stated that no fractional shares will be issued, and stockholders will receive a whole share in lieu of any fractional shares. The reverse stock split is not expected to change the number of authorized shares or the relative voting power of stockholders, except for adjustments due to rounding for fractional shares. The company's stockholders are not required to take any action in response to the reverse stock split, and the Board is not soliciting proxies or consents in connection with this action.