VivoPower International PLC (NASDAQ:VVPR, “VivoPower” or the “Company”))))), today announced that it will proceed with a 1-for-10 reverse stock split of its outstanding ordinary shares (the “Reverse Split”) following approval by its board of directors and as authorized by the Company’s shareholders at the Extraordinary Meeting of the Shareholders held on July 6, 2023.
The Reverse Split will be effective at 4:01 PM, Eastern Time, on October 5, 2023. The Company’s ordinary shares will begin trading on a post-split basis at the market open on October 6, 2023. The Reverse Split is being effected primarily to increase the Company’s per share trading price and to regain compliance with the $1.00 per share minimum closing price required to maintain continued listing on Nasdaq. The Company does not expect the Reverse Split to impact its current or future business operations.
When the Reverse Split is effective, every 10 ordinary shares issued and outstanding will be combined automatically into one ordinary share. The Reverse Split will apply equally to all outstanding ordinary shares, and each shareholder will hold the same percentage of ordinary shares outstanding immediately following the Reverse Split, except for adjustments that may result from the treatment of fractional shares. No fractional shares will be issued in connection with the Reverse Split. In the event a holder of shares would otherwise be entitled to receive a fractional share, the number of shares to be received by such shareholder will be rounded up to the next whole number.
