Weyland Tech, Inc. , a leading global provider of mCommerce platform-as-a-service (PaaS), eCommerce managed services and fintech solutions, has implemented a 1-for-13 reverse split of its common stock to be effective prior to the opening of the market tomorrow, February 27, 2020.
The stock will begin trading on a post-split basis under the symbol, WEYLD, for 20 business days, after which it will return to trading under the symbol, WEYL. If the stock is listed on The Nasdaq Capital Market prior to the completion of the 20 business day period, the symbol may revert back to WEYL at that time.
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“We expect that this reverse split will allow our stock price to meet the listing requirements for The Nasdaq Capital Market,” said Weyland Tech CEO, Brent Suen. “We believe the Nasdaq listing will provide our investors with better trade execution and liquidity, as well as increase our visibility with retail and institutional investors.”
“We know for our existing shareholders it has been a long road through this process and filled with great expectations,” added Suen. “So, we would like to express our deepest appreciation for their patience and support as we execute this reverse split in preparation for Nasdaq.”
The stockholders of Weyland Tech approved the reverse stock split on November 15, 2019, and the board of directors subsequently approved the implementation of the reverse stock split at the ratio of 1-for-13.
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As a result of the split, every 13 shares of issued and outstanding common stock will be exchanged for one share of common stock. No fractional shares will be issued as a result of the reverse stock split. A holder of record of common stock on the effective date of the reverse stock split who would otherwise be entitled to a fraction of a share will be rounded up to the next whole share.
Each stockholder’s percentage ownership interest in Weyland Tech and proportional voting power will remain unchanged, and the rights and privileges as the holders of the common stock will be unaffected.
The reverse stock split will not change the total number of shares of common stock or preferred stock authorized for issuance by the company. Additionally, the par value of the company’s common stock will remain at $0.0001 per share.
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