Summary by Moomoo AI
On May 24, 2024, Netcapital Inc., a digital private capital markets ecosystem, announced plans to hold a special stockholder meeting to propose a reverse stock split. This action is aimed at regaining compliance with Nasdaq's minimum bid price requirement. The company had previously received a notice from Nasdaq on September 1, 2023, for not meeting the minimum bid price of $1.00 per share over a period of 30 consecutive business days. Although Netcapital was granted an extension until August 26, 2024, to resolve this issue, it is now seeking stockholder approval for a reverse stock split at a ratio between 1-for-2 and 1-for-100, as determined by the board of directors. The proxy statement for the special meeting, scheduled for July 24, 2024, will be filed with the SEC around May 28, 2024. Netcapital Inc. is a fintech company that provides a platform for private companies to raise capital and offers private equity investment opportunities.
