Kaival Brands Innovations Group (KAVL) has released an update to notify the public and investors about corporate charter and bylaws modifications.
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The Company executed a reverse stock split of its common stock at a 1-for-21 ratio on January 22, 2024, reducing the issued and outstanding shares from approximately 58,661,090 to around 2,793,386. Although the total number of shares decreased, stockholders’ ownership percentages remained unchanged aside from adjustments due to fractional shares, which were rounded up to whole shares. The split aimed to meet Nasdaq’s minimum bid price requirement for continued listing and resulted in proportional adjustments to equity incentive plans, outstanding equity awards, and warrant terms, without altering the number of authorized shares.
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