© Reuters.
SAN DIEGO – Hempacco Co., Inc. (NASDAQ: HPCO), a company specializing in hemp manufacturing, announced a reverse stock split in a move to comply with Nasdaq’s minimum bid price requirement and avoid delisting.
The company’s Board of Directors approved the 1-for-10 reverse stock split on February 20, 2024, which will reduce the number of outstanding common shares from approximately 31.4 million to about 3.14 million.
The reverse stock split is scheduled to take effect at the market open on March 13, 2024. This action will result in every 10 existing shares of Hempacco common stock being combined into one new share. The company’s authorized shares of common stock will also decrease from 200 million to 20 million. The par value of the common stock will remain unchanged.
Hempacco’s decision for the reverse stock split was made under Section 78.207 of the Nevada…
