Republic Power Group (RPGL) said Wednesday it will implement a one-for-16 reverse split of its Class A and B shares to help meet compliance with the minimum bid price requirement of $1.00 per share for continued listing on Nasdaq.
The company said its shares will begin trading on a split-adjusted basis on Sept. 25.
The reverse share split will reduce the number of its Class A shares to about 1.0 million from around 16.7 million. There is no public market for its Class B shares.
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