Alternus Clean Energy Inc. announced on October 9, 2024, that it will implement a 1-for-25 reverse stock split of its common stock. The reverse stock split is scheduled to become effective at 12:01 a.m. Eastern Time on Friday, October 11, 2024.
The company's common stock will commence trading on the Nasdaq Capital Market on a post-split basis at the opening of the market on October 11, 2024, under its existing ticker symbol 'ALCE'. This action was approved by the company's stockholders at the Annual Meeting held on September 26, 2024.
The reverse stock split is intended to increase the price per share of the company's common stock, thereby helping Alternus regain compliance with the $1.00 minimum bid price requirement of the Nasdaq Capital Market. The split will reduce the number of outstanding common shares from approximately 87,288,070 to approximately 3,491,522.
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