Aterian announces 1-for-12 reverse stock split

Aterian has announced a 1-for-12 reverse stock split of its common stock, effective with the market opening on Friday, March 22, 2024. This move is aimed at meeting Nasdaq’s continued listing standards, specifically to increase the per share price above the minimum $1.00 threshold required by Nasdaq. The reverse split was authorized by the Company’s shareholders on August 11, 2023, granting the Company’s Board of Directors the power to determine the timing and ratio of the split. The Board has now decided on the 1-for-12 ratio and will amend the Company’s Amended and Restated Certificate of Incorporation to reflect this change. Consequently, every twelve shares of issued common stock will be combined into one share of common stock. The reverse split will result in a new CUSIP number for the Company’s common stock, which are expected to begin trading on a split-adjusted basis from March 22, 2024. The number of outstanding common stock will decrease, and the par value of the common stock and the authorized shares of the Company will be unaffected.