Polished announces 1-for-50 reverse stock split

Polished.com announced that the Board of Directors and stockholders of the company approved a 1-for-50 reverse stock split of its outstanding shares of common stock that will become effective at 12:01 a.m. ET on October 20, 2023. The company’s Common Stock will continue to trade on the NYSE American under the existing symbol “POL.” The Reverse Stock Split was approved by the company’s stockholders at the Special Meeting of Stockholders on October 19, 2023. As a result of the Reverse Stock Split, every 50 shares of Common Stock issued and outstanding will be automatically combined into one share of Common Stock. The Reverse Stock Split will proportionately reduce the number of outstanding shares of Common Stock from approximately 105.5 million shares to approximately 2.1 million shares and the ownership percentage of each stockholder will remain unchanged other than as a result of fractional shares. The Company will pay cash for fractional shares.