Calamp (CAMP) has released an update to notify the public and investors about a material modification to rights of security holders.
CalAmp Corp. has announced a reverse stock split of its common stock at a ratio of 1-for-23, effective 5:00 p.m. on February 1, 2024, to comply with Nasdaq’s minimum bid price requirement. The split-adjusted trading will commence the following day without changing the trading symbol. Fractional shares resulting from the split will be rounded up to whole shares, and the split will proportionally adjust options, warrants, and other convertible securities. Stockholders with certificated shares will receive instructions from the transfer agent, Equiniti, for exchanging their certificates. The reverse stock split follows stockholder approval and aims to reduce the number of outstanding shares from approximately 37.9 million to 1.65 million, without altering par value or the total number of authorized shares.
For further insights into CAMP stock, check out TipRanks’ Stock Analysis page.
