Taoping (TAOP, Financial) has announced that its board of directors has approved a reverse stock split at a ratio of one-for-thirty. This means that starting May 29, the company's ordinary shares will trade on a split-adjusted basis, maintaining the same "TAOP" symbol but with a new CUSIP number, G8675V135. As a result, every thirty shares previously held will automatically be consolidated into one share. Shareholders do not need to take any action if their shares are held in brokerage accounts or in "street name." Those with physical share certificates will receive further instructions from TranShare Corporation, the company's transfer agent, on the necessary steps to exchange their certificates.
This reverse stock split is aimed at elevating the share price to comply with Nasdaq's $1.00 minimum bid price requirement for continued listing.
