Splash Beverage to Effect 1-for-4 Reverse Stock Split
Splash Beverage (SBEV) said Tuesday its board approved a 1-for-4 reverse stock split as part of efforts to remain compliant with NYSE American's listing rule related to the minimum share price requirement.The number of outstanding common shares will be reduced to 6.3 million from 25.2 million when the reverse split takes effect on July 24, post market close, according to a statement.The shares will begin trading on a split-adjusted basis on July 27, the company said.The company added that it also negotiated settlements with creditors representing $3.3 million of accounts payable and accrued liabilities for cash consideration of $550,000, which are expected to eliminate 84% of the negotiated obligations while needing only 17% of their face value to satisfy claims.Price: $0.10, Change: $-0.02, Percent Change: -17.74%
