ARB IOT Group announces 1-for-15 reverse stock split
ARB IOT Group announced that the shareholders and the board of directors of the Company approved a one-for-fifteen reverse share split of the Company's issued and unissued ordinary shares. Beginning June 2, 2025, the Company's Ordinary Shares will be trading on a split-adjusted basis under the same symbol "ARBB" but with a new CUSIP number, G0447T118, and a new par value of $0.0015 per share.As a result of the reverse share split, each fifteen Ordinary Shares outstanding will automatically combine and convert to one issued and outstanding Ordinary Share without any action on the part of shareholders who hold their shares in brokerage accounts or "street name." Shareholders holding certificates of Ordinary Shares are expected to receive instructions from the Company's transfer agent, Vstock Transfer, regarding procedures for exchanging share certificates. All outstanding warrants to purchase the Company's Ordinary Shares will be adjusted proportionately as a result of the reverse share split. No fractional shares will be issued as a result of the reverse share split, and instead, all such fractional shares resulting from the reverse share split will be rounded up to the nearest whole share. The reverse share split is intended to increase the per share trading price of the Ordinary Shares to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Stock Market. Following the reverse share split, the Company will have approximately 1,765,276 Ordinary Shares issued and outstanding, exclusive of shares issuable under outstanding warrants, and the Company will have 33,333,333 authorized Ordinary Shares.
