Actelis Networks (ASNS) says its board has approved a 1-for-10 reverse stock split that will take effect before markets open on November 18, with shares trading on a split-adjusted basis under a new CUSIP while keeping the ASNS ticker.
Stockholders had already authorized the board to choose a ratio between 1-for-7 and 1-for-12 to lift the share price and restore Nasdaq compliance, and the company says the move is also meant to broaden institutional interest.
Once the split takes effect, every ten shares will become one, and all outstanding options and warrants will be adjusted proportionately.
ASNS currently trades at $0.4059, or 5.43% lower on the NasdaqCM.
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