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Coastal Capital Acquisition Corporation (CCAJ) has announced a proposed reverse stock split of its shares at a 1-for-10 ratio, approved by its Board and stockholders on November 30, 2022. The goal is to address the challenges of trading as a penny stock and to improve the marketability and liquidity of its shares. Although it aims to raise the stock price currently at $0.0014 to approximately $0.014, the company cautions that the split might not guarantee a price increase or sustained market interest. The reverse split is pending FINRA approval.
Coastal Capital Acquisition Corporation (OTCMKTS: CCAJ) announced a Reverse Stock Split effective December 1, 2022, converting every 10 shares into 1 share. This move aims to enhance equity availability for strategic partnerships, financing options, and acquisitions beneficial to shareholders. Post-split, the company will have approximately 104,973,905 shares outstanding. The company focuses on building single-family houses and holds equity interests in other firms. While optimistic about future growth, the company warns of risks and uncertainties affecting performance.
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