Cenntro Electric Group Limited announced that it will effect a 1-for-10 reverse stock split of its outstanding common stock to seek to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq Listing Rule 5550(a)(2) by the December 18, 2023 deadline. The company’s common stock will begin trading on the Nasdaq Capital Market on a split-adjusted basis when the market opens on Friday, December 1, 2023, and will continue to trade under the symbol “CENN.” The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 304,449,091 shares to approximately 30,444,910 shares, plus any shares to be issued in exchange for fractional interests.
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