Company Aims to Satisfy Nasdaq’s Minimum Bid Price Continued Listing Requirement
The Alkaline Water Company Inc. (CSE:WTER) (the “Company), the nation’s largest independent alkaline water company and the Clean Beverage® company, today announced that its board of directors approved a 15-for-1 reverse stock split of the Company’s authorized and issued and outstanding shares of common stock, which will be effective under Nevada law on April 5, 2023. The Company’s common stock will continue to trade on The Nasdaq Capital Market under the current trading symbol, “WTER,” and will be open for trading on a split-adjusted basis on April 5, 2023.
As a result of the reverse stock split, the Company’s authorized common stock will decrease from 200,000,000 shares of common stock, with a par value of US$0.001 per share, to 13,333,333 shares of common stock, with a par value of US$0.001 per share, and the number of the Company’s issued and outstanding shares of common stock is expected to decrease from approximately 152,080,692 to approximately 10,138,713. Any fractional shares resulting from the reverse stock split will be rounded up to the next nearest whole number.
The Company’s authorized preferred stock will not be affected by the reverse stock split and will continue to be 100,000,000 shares of preferred stock, with a par value of US$0.001 per share.
The Company is effectuating the reverse stock split to increase the per share trading price of the Company’s common stock in order to satisfy the US$1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market.
