Ageagle Aerial Systems announces one-for-fifty reverse stock split

AgEagle Aerial Systems announced a reverse stock split of its authorized, issued and outstanding common stock, par value $0.001 per share, at a ratio of one share of common stock for every 50 shares of common stock, effective as of 5:00 p.m. on October 14. The company’s common stock will begin trading on a split-adjusted basis when the market opens on October 15. The reverse stock split was authorized by the company’s board of directors on October 3. Pursuant to the laws of the State of Nevada, the company’s state of incorporation, the company’s board of directors has the authority to effect a reverse stock split without shareholder approval if the number of authorized shares of common stock and the number of outstanding shares of common stock are proportionally reduced. The company will file a certificate of change to its articles of incorporation, as amended, with the Secretary of State of Nevada to effect the reverse stock split. The company’s common stock will continue to trade on the NYSE American under the stock ticker (UAVS) but will trade under the new CUSIP number 00848K 309. As a result of the reverse split, each fifty pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the holders, and the number of outstanding common shares will be reduced from 39,720,458 shares to approximately 850,409 shares without taking into account fractional shares.