Insignia Systems (NASDAQ:ISIG) shares jumped dramatically up to 627% at $6.11 due to its recent announcement that it will reverse its outstanding common stock seven-for-one.
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On a post-split basis, Nasdaq is expected to open the Company’s common stock for trading on January 4, 2021.
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With the reverse stock split, the Company intends to comply with the minimum bid price required to maintain its Nasdaq listing. Once the reverse stock split takes effect, every seven shares of common stock due to be issued and outstanding by December 31, 2020, will automatically be combined into one share of common stock, with no change in par value per share.
The Company’s share number will be reduced from 40 million shares to approximately 5.7 million shares after the reverse stock split has been completed. The reverse stock split will not result in the issuance of fractional shares. Any fractional shares that would occur as a result will be canceled in exchange for cash consideration payment.
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In addition to all currently available shares of common stock and stock awards, the reverse stock split will affect all issued and outstanding shares of the Company’s common stock. With the reverse stock split, the number of shares issuing upon the exercise or vesting of equity-based awards will be reduced, while the exercise prices for those awards will also be increased. All shareholders will be affected uniformly by the reverse stock split, and no change will be made in a shareholder’s share value, except in those cases where a fractional share adjustment is required.