Autris Announces Proposed Share Consolidation
Autris announced a proposed reverse stock split of its common shares. The Board of Directors and majority shareholder approved an exchange ratio between 1 for 25 to 1 for 80, reducing the number of outstanding shares from 131.25 million to between 5.25 million and 1.64 million. The reverse split will be uniform across all shareholders, with fractional shares rounded down. The Board retains the authority to finalize or abandon the split and must obtain FINRA approval. There's no guarantee the split will increase share price or achieve intended effects.
- Proposal to consolidate shares to potentially increase per-share value.
- Uniform impact across all shareholders, ensuring fairness.
- Reduction in outstanding shares could make the stock more attractive to investors.
- No assurance that FINRA approval will be obtained.
- Potential risks of the reverse split not achieving intended effects.
- Shareholders with fractional shares will receive no cash consideration.
- The Board retains the right to abandon the proposal, adding uncertainty.
Panama City, Republic of Panama--(Newsfile Corp. - June 10, 2024) - Autris (OTC Pink: AUTR) (the "Company" or "Autris"), a pioneering company dedicated to promoting freedom and sustainability, announces that the Companies Board of Directors in conjunction with the majority shareholder authorized the company to file for a reverse stock split of its common shares (the "Common Shares") at an exchange ratio of between 1 for 25 to 1 for 80. (the "Reverse Stock Split").
The proposed Consolidation would result in the number of issued and outstanding Common Shares being reduced from the current outstanding 131,251,359 Common Shares to between a minimum of 5,250,054 Common Shares if the exchange ratio of 1 for 25 is effected to approximately 1,640,642 if the maximum exchange ratio is effected, subject to rounding. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company, except for minor changes due to the treatment of fractional shares as described below.
No fractional shares will be issued as a result of the proposed Reverse Split. Any fractional shares resulting from the proposed Reverse Stock Split will be rounded down to the next whole common share, and no cash consideration will be paid with respect to fractional shares.
The Board will determine the final split ratio and would retain the authority to abandon the Reverse Stock Split at any time or to delay or postpone it. Completion of the proposed Reverse Stock Split is subject to market and other customary conditions, including obtaining FINRA approval. There is no assurance the company will obtain FINRA approval, and as a result, here are no assurances that the Reverse Stock Split will be completed, that it will result in an increased per share price, or achieve its other intended effects. The Board reserves the right to elect not to proceed with the Reverse Stock Split if it determines that implementing it is no longer in the best interests of the Company and its stockholders.
About Autris: Autris is a forward-thinking company committed to promoting freedom and sustainability. Through strategic acquisitions and innovative initiatives, Autris aims to create communities that embody the principles of freedom, independence, resilience, sustainability, and transparency
To learn more about Autris, please visit: www.autrisgroup.com
Company Contact
Investor Relations
Email: info@autrisgroup.com
Website: www.autrisgroup.com
Cautionary Note Regarding Product & Forward-Looking Information
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
The purpose of forward-looking statements is to provide the reader with a description of management's expectations, which may not be appropriate for any other purpose. Disclosure in this press release concerning the Company's expectations respecting the Consolidation make reference to or involve forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. No undue reliance should be placed on forward-looking statements contained in this press release. Such forward-looking statements are made as of the date of this press release. Vibe undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212310
FAQ
What is the proposed reverse stock split ratio for Autris (AUTR)?
How many shares will be outstanding after Autris' reverse stock split?
Will Autris' shareholders receive fractional shares after the reverse split?
Is FINRA approval required for Autris' reverse stock split?
Can the Autris Board abandon the proposed reverse stock split?
