MGO Global announces reverse stock split

MGO Global announced that pursuant to approval by MGO’s Board of Directors on February 22, 2024 and the consent of the holders of a majority of the outstanding shares voting capital stock of the company as disclosed on an Information Statement on Schedule 14C filed with the U.S. Securities and Exchange Commission on March 11, 2024, the Board has determined to implement a reverse stock split of the company’s common stock at a ratio of 1:10 that will become effective on July 18, 2024. MGO is undertaking the Reverse Stock Split with the objective of regaining compliance with Nasdaq’s $1.00 minimum bid price requirement. On the Effective Date, the number of issued and outstanding shares of MGO’s common stock will be reduced from 20,967,737 to approximately 2,096,774. As a result of the Reverse Stock Split, there will be approximately 911,373 shares in the public float. No fractional shares will be issued in connection with the Reverse Stock Split, but fractions shall be rounded up to the nearest whole share.