Comstock Inc. announced on February 14, 2025, a 1-for-10 reverse stock split of its common stock, which was approved by shareholders on the same day. The reverse split will become effective on February 24, 2025, with trading on a split-adjusted basis commencing at market open on February 25, 2025. This action will reduce the number of outstanding shares from approximately 237,675,779 to about 23,767,578, while the authorized number of shares remains unchanged at 245,000,000.
The company stated that the reverse stock split is intended to create the right share posture, values, liquidity, and profile to attract the necessary capital resources for growth and to maximize the value of its businesses. Fractional shares resulting from the reverse split will be rounded up to the nearest whole share, ensuring all stockholders maintain their proportional interest in the company's equity.
Executive Chairman and CEO Corrado De Gasperis highlighted that the growth opportunities for both the Fuels and Metals segments have exceeded original expectations, attracting sophisticated partners. The reverse split is a strategic step to effectively and responsibly capitalize on immediate opportunities and support the creation of two unprecedented companies focused on renewable energy and metals recycling.
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