LQR House announces effective date for 1-for-60 reverse stock split

LQR House is implementing a 1-for-60 reverse stock split of its common stock, with an effective date of 12:01 a.m., Eastern Time, on November 30, 2023. In response to a written notification from the Listing Qualifications Staff of the Nasdaq Stock Market on October 24, 2023, indicating non-compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq Capital Market, LQR House’s Board of Directors, in conjunction with a unanimous decision from the majority shareholders, has approved the reverse stock split as a strategic measure to address this concern. Upon the reverse stock split taking effect, every sixty issued and outstanding shares of common stock will be consolidated into one share of common stock. The common stock will commence trading on a split-adjusted basis on The Nasdaq Capital Market under a new CUSIP number at the market open on November 30, 2023. The reverse stock split aims to bring LQR House into compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). However, it is important to note that there is no guarantee that the Company will meet the minimum bid price requirement.