Cenntro Electric Postpones Reverse Stock Split
(RTTNews) - Cenntro Electric Group Ltd. (CENN), a designer and maker of electric commercial vehicles, announced on Thursday that it has postponed the planned reverse stock split that was scheduled for December 1.
The effective date of the reverse stock split cannot be determined until Depository Trust and Clearing Corp. or DTCC eligibility is confirmed, the company said.
Cenntro expects to obtain confirmation of DTCC eligibility in the coming days.
The purpose of the previously announced 1-for-10 reverse stock split is to regain compliance with the minimum $1 bid price per share requirement of Nasdaq by December 18.
The reverse stock split will reduce the number of shares to approximately 30,444,910 shares from around 304,449,091 shares.
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