Aerwins Technologies announces 1-for-100 reverse stock split

Aerwins Technologies announced that the company’s board of directors has resolved to effectuate a reverse stock split of Aerwins’ issued and outstanding common stock and has determined the ratio to be 1-for-100. Aerwins’ stockholders previously approved the reverse stock split and granted the board of directors the authority to determine the exact split ratio and when to proceed with the reverse stock split at the company’s annual meeting of stockholders held on November 20. The reverse stock split will become effective at the market open on April 2 and the company’s common stock is expected to begin trading on a reverse stock split-adjusted basis on the Nasdaq Capital Market as of the open of trading on April 2, under the existing ticker symbol, “AWIN.” The reverse stock split is intended to increase the price per share of the company’s common stock to allow the company to demonstrate compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq.