Shares of Nova Lifestyle Inc (NVFY) are surged by over 26% to $0.61 on Tuesday after completing a one-for-five reverse stock split.
- The company filed a certificate of change with the Nevada Secretary of State to effect the reverse stock split on May 22, 2023.
- Every 5 shares of the company’s issued and outstanding immediately before filing the Certificate of Change was consolidated into one issued and outstanding share.
- All stockholders who would be entitled to receive fractional shares due to the reverse stock split received one whole share for their fractional share interest.
- The stock will begin trading on a split-adjusted basis starting May 24, 2023.
- In addition, the certificate of change decreased the number of authorized shares of the company’s common stock from 15 million to 3 million.
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