Inno Holdings Inc. Announces 1-for-10 Reverse Stock Split
Inno Holdings announced a 1-for-10 reverse stock split of its common stock, effective after close of trading on October 9, 2024. The stock will trade on a split-adjusted basis under the ticker INHD from October 10, 2024. The reverse split aims to increase the per share price to meet Nasdaq's minimum $1.00 average closing price requirement.
Every ten shares of common stock will be combined into one share, with no changes to the total number of authorized shares, par value per share, or other classes of stock. Fractional shares will be rounded up to the nearest whole share. VStock Transfer, will manage the exchange process for shareholders.
Inno Holdings ha annunciato un consolidamento azionario inverso 1 per 10 delle sue azioni ordinarie, con effetto dopo la chiusura delle contrattazioni il 9 ottobre 2024. Le azioni verranno scambiate su base adeguata al consolidamento con il ticker INHD a partire dal 10 ottobre 2024. L'obiettivo di questo consolidamento è aumentare il prezzo per azione per soddisfare il requisito di prezzo medio di chiusura minimo di $1.00 richiesto dalla Nasdaq.
Ogni dieci azioni ordinarie verranno unite in una sola azione, senza modifiche al numero totale di azioni autorizzate, al valore nominale per azione o ad altre classi di azioni. Le azioni frazionarie saranno arrotondate all'azione intera più vicina. VStock Transfer gestirà il processo di scambio per gli azionisti.
Inno Holdings anunció un desdoblamiento inverso de acciones 1 por 10 de sus acciones ordinarias, que será efectivo después del cierre de las operaciones el 9 de octubre de 2024. Las acciones se negociarán en una base ajustada al desdoblamiento bajo el ticker INHD a partir del 10 de octubre de 2024. El objetivo de este desdoblamiento inverso es aumentar el precio por acción para cumplir con el requisito de precio de cierre promedio mínimo de $1.00 de Nasdaq.
Cada diez acciones ordinarias se combinarán en una acción, sin cambios en el número total de acciones autorizadas, el valor nominal por acción, o otras clases de acciones. Las acciones fraccionarias se redondearán a la acción entera más cercana. VStock Transfer gestionará el proceso de intercambio para los accionistas.
Inno Holdings는 10주를 1주로 역분할하는 것을 발표했으며, 이는 2024년 10월 9일 거래 종료 후 유효합니다. 주식은 2024년 10월 10일부터 INHD라는 티커로 조정된 가격으로 거래됩니다. 이 역분할의 목표는 주당 가격을 높여 Nasdaq의 최소 $1.00 평균 종가 요건을 충족하는 것입니다.
10주의 보통주가 1주로 통합되며, 승인된 총 주식 수, 주당 액면가 또는 기타 주식 클라스를 변경하지 않습니다. 분할 주식은 가장 가까운 정수 주식으로 반올림됩니다. VStock Transfer가 주주를 위한 교환 프로세스를 관리합니다.
Inno Holdings a annoncé un regroupement d'actions inversé 1 pour 10 de ses actions ordinaires, effectif après la clôture des échanges le 9 octobre 2024. Les actions seront échangées sur une base ajustée en fonction du regroupement sous le symbole INHD à partir du 10 octobre 2024. L'objectif de ce regroupement inversé est d'augmenter le prix par action afin de satisfaire l'exigence de prix de clôture moyen minimum de 1,00 $ de Nasdaq.
Dix actions ordinaires seront combinées en une seule, sans changement du nombre total d'actions autorisées, de la valeur nominale par action, ni des autres classes d'actions. Les actions fractionnaires seront arrondies à l'action entière la plus proche. VStock Transfer gérera le processus d'échange pour les actionnaires.
Inno Holdings hat einen 1-für-10 Rücksplit der Aktien seiner Stammaktien angekündigt, der nach Börsenschluss am 9. Oktober 2024 wirksam wird. Die Aktien werden ab dem 10. Oktober 2024 unter dem Ticker INHD auf einer rückgesplitteten Basis gehandelt. Das Ziel des Rücksplits besteht darin, den Preis je Aktie zu erhöhen, um die Mindestanforderung von Nasdaq von $1,00 im Durchschnitt der Schlusskurse zu erfüllen.
Jede zehn Aktien wird zu einer Aktie zusammengelegt, ohne dass sich die Anzahl der genehmigten Aktien, der Nennwert pro Aktie oder andere Aktienklassen ändern. Bruchteile von Aktien werden auf die nächste volle Aktie aufgerundet. VStock Transfer wird den Austauschprozess für die Aktionäre verwalten.
- The reverse stock split aims to increase the per share market price to meet Nasdaq's minimum listing requirements.
- Shareholders' equity will be diluted as ten shares will be consolidated into one, potentially reducing individual share value.
Insights
The 1-for-10 reverse stock split announced by Inno Holdings Inc. is a significant move aimed at boosting the company's share price to meet Nasdaq's minimum
Key implications for investors:
- While the total market cap remains unchanged, each share will represent a larger portion of ownership.
- The move may temporarily increase share price, but it doesn't address underlying business challenges.
- Historical stock price data and performance metrics will need adjustment for accurate comparisons.
- There's a risk of increased volatility and potential further decline if market perception doesn't improve.
Investors should closely monitor the company's fundamentals and future performance to assess whether this move will lead to sustainable compliance with Nasdaq requirements or if it's merely a short-term fix.
The reverse stock split by Inno Holdings reflects broader challenges in the construction technology sector. Key observations:
- The move suggests the company has been struggling to maintain investor confidence, possibly due to market conditions or company-specific issues.
- It may impact liquidity, potentially reducing trading volume as fewer shares are available.
- There's a risk of stigma associated with reverse splits, which could affect investor perception and future capital raising efforts.
This action doesn't directly improve Inno's financial position or market competitiveness. Investors should look for subsequent announcements on strategic initiatives, operational improvements, or financial restructuring to gauge the company's long-term viability in the innovative building-technology space.
BROOKSHIRE, TX / ACCESSWIRE / October 8, 2024 / Inno Holdings Inc. ("Inno" or the "Company") (Nasdaq Capital Market:INHD), an innovative building-technology company with a mission to transform the construction industry with our proprietary cold-formed steel-framing technology and other building innovations, today announced that the Company's board of directors (the "Board") approved a reverse stock split (the "Reverse Stock Split") of Inno's common stock, no par value (the "Common Stock"), at a ratio of 1-for-10 (the "Reverse Stock Split Ratio"). The Reverse Stock Split is expected to become effective immediately after the close of trading on the Nasdaq Capital Market (the "Nasdaq") on October 9, 2024 (the "Effective Time"), and Inno's Common Stock is expected to begin trading on the Nasdaq on a split-adjusted basis at the opening of trading on October 10, 2024, under the existing ticker symbol "INHD".
The Company filed an amendment to its Certificate of formation (the "Charter") on October 8, 2024, to implement the Reverse Stock Split as of the Effective Time. The primary goal of the Reverse Stock Split is to increase the per share market price of the Common Stock to regain compliance with the minimum
At the Effective Time, every ten (10) shares of Common Stock issued and outstanding or held as treasury stock will be automatically combined and converted into one (1) share of Common Stock. The total number of shares of Common Stock authorized for issuance under the Charter, the par value per share of Common Stock, and the number of shares of all other classes of stock authorized under the Charter other than the Common Stock will not change.
No fractional shares will be issued in connection with the Reverse Stock Split. Any stockholder who would otherwise be entitled to receive a fractional share will instead be entitled to receive one whole share of Common Stock in lieu of such fractional share.
VStock Transfer, LLC Company ("VStock") is acting as transfer and exchange agent for the Reverse Stock Split. Registered stockholders who hold shares of Common Stock in uncertificated form are not required to take any action to receive post-reverse split shares and holders of certificated shares will receive instructions from VStock. Stockholders owning shares through an account at a brokerage firm, bank, dealer, custodian or other similar organization acting as nominee will have their positions automatically adjusted to reflect the Reverse Stock Split, subject to such broker's particular processes, and will not be required to take any action in connection with the Reverse Stock Split.
About Inno Holdings Inc.
Inno is an innovative building-technology company with a mission to transform the construction industry with our proprietary cold-formed steel-framing technology and other innovations. We are a manufacturer of cold-formed-steel members and prefabricated homes. We offer a full range of services required to transform raw materials into precise steel framing products and prefabricated homes. We sell these finished products either to businesses or directly to customers. The finished products and cold-formed-steel members are used in a variety of building types, including residential, commercial, industrial and infrastructure. We hope to transform the construction industry by having our proprietary cold-formed steel-framing technology replace wooden and traditional steel structures.
For more information, please visit www.innoholdings.com
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon current expectations, estimates, projections, and assumptions that, while considered reasonable by Inno and its management, are inherently uncertain; factors that may cause actual results to differ materially from current expectations include, but are not limited to: 1) the outcome of any legal proceedings that may be instituted against Inno or others following the closing of the business combination; 2) Inno's ability to meet the Nasdaq's listing standards following the consummation of the business combination; 3) the risk that the business combination disrupts current plans and operations of Inno as a result of consummation of the business combination; 4) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 5) costs related to the business combination; 6) changes in applicable laws or regulations; 7) the possibility that Inno may be adversely affected by other economic, business and/or competitive factors, including the impacts of the COVID-19 pandemic, geopolitical conflicts, such as the conflict between Russia and Ukraine, the effects of inflation and potential recessionary conditions; 8) Inno's execution of anticipated operational efficiency initiatives, cost reduction measures and financing arrangements; and 9) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's Annual Report on Form 10-K and other documents Inno has filed with the SEC. Although Inno believes the expectations reflected in the forward-looking statements are reasonable, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. There may be additional risks that Inno presently does not know of or that Inno currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements, many of which are beyond Inno's control. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Inno does not undertake, and expressly disclaims, any duty to update these forward-looking statements, except as otherwise required by applicable law.
Investor and Media Contacts
Inno Holdings Inc.
Solomon Li, CEO & CFO
Phone: 1 (800) 909-8800
Email: investor@innoholdings.com
SOURCE: Inno Holdings
View the original press release on accesswire.com
FAQ
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