Net Element (NETE), a provider of global mobile payment technology products, said Wednesday that effective at 12:01 am ET on Oct. 5, the company will effect a one-for-ten reverse stock split of its outstanding common stock.
The company’s common stock will open for trading on the Nasdaq Capital Market on Oct. 5, on a post-split basis.
The reverse stock split is intended to increase the per share trading price of the company’s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market.
When the reverse stock split becomes effective, every ten shares of common stock will automatically convert into one share of common stock with no change in par value per share. This will cut the number of shares outstanding as of Oct. 3, from 22.0 million to 2.2 million.