(RTTNews) - GD Culture Group Limited (GDC), a virtual content production business, Thursday announced that it will effect a reverse stock split of its common shares with par value of $0.0001 per share on a one-for-two hundred fifty basis.
The stock will begin trading on a post-split basis when the market opens on June 29 on Nasdaq under the symbol GDC.
As a consequence of the stock split, every 250 pre-split common shares will be combined into one common share automatically without any change to the par value per share.
Post reverse split, the company's outstanding shares of common stock will be reduced from 1.04 billion to approximately 4.16 million and no fractional shares will be issued in connection to the reverse stock split.
Stockholders who would be entitled to a fractional share as a result of the Reverse Stock Split shall have their entitlement rounded up to the nearest whole share, the company said in a statement.
In pre-market activity, GDC shares are trading at $0.013, down 36.11% on the Nasdaq.
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