LQR House Announces Effective Date For 1-For-60 Reverse Stock Split As Part Of Nasdaq Compliance Plan
Portfolio Pulse from Benzinga Newsdesk
LQR House Inc. (NASDAQ:LQR) announced a 1-for-60 reverse stock split effective November 30, 2023, to comply with Nasdaq's minimum bid price requirement. The company's Board of Directors and majority shareholders unanimously approved the measure after a non-compliance notification from Nasdaq. The reverse stock split is intended to increase the per-share price to meet the $1.00 minimum bid price rule. CEO Sean Dollinger emphasized efforts in transparency and growth through partnerships and acquisitions. The split will adjust outstanding convertible securities and no fractional shares will be issued, with all fractions rounded up.
November 28, 2023 | 12:48 pm
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LQR House Inc. is undergoing a 1-for-60 reverse stock split to comply with Nasdaq's minimum bid price requirement. This action is a strategic attempt to increase the stock's market price and avoid delisting.
The reverse stock split is a direct action to increase the per-share price of LQR House Inc. and is likely to have a positive short-term impact on the stock price as it works towards meeting Nasdaq's listing requirements. However, the long-term impact will depend on the company's future performance and market perception of its value.
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