Xwell announces 1-for-20 reverse stock split

XWELL announced that it will effect a 1-for-20 reverse stock split of its common stock effective at 5:00 pm Eastern Time on Wednesday, September 27, 2023. Shares of XWELL’s common stock are expected to begin trading on a split-adjusted basis when markets open on Thursday, September 28, 2023. Following approval by XWELL’s stockholders of an amendment to the company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split of its common stock and authorizing the XWELL Board of Directors to determine the rati and the effective date of the reverse stock split, XWELL’s Board of Directors determined the 1-for-20 ratio to be appropriate to meet XWELL’s goal to raise the per share trading price of XWELL’s common stock to regain compliance with the $1.00 per share minimum bid price requirement for continued listing on The Nasdaq Capital Market, as well as improving the marketability and liquidity of its common stock and minimizing the risk of future noncompliance.