VINO common stock expected to begin trading on a split-adjusted basis on May 1, 2024
MIAMI, FL / ACCESSWIRE / April 29, 2024 / Gaucho Group Holdings, Inc. (NASDAQ:VINO), a company that includes a growing collection of e-commerce platforms with a concentration on fine wines, luxury real estate, and leather goods and accessories (the "Company" or "Gaucho Holdings"), today announced a 1-for-10 reverse stock split of the Company's common stock to become effective at 12:01 a.m. (Eastern Time) on May 1, 2024. The Company's common stock is expected to begin trading on a split-adjusted basis when the markets open on May 1, 2024 under the existing trading symbol "VINO."
The reverse stock split is primarily intended to bring the Company into compliance with the minimum bid price requirements for maintaining its listing on the Nasdaq Capital Market. The new CUSIP number following the reverse stock split will be 36809R503.
As a result of the reverse stock split, every 10 shares of the Company's common stock issued and outstanding or held by the Company as treasury stock will be automatically reclassified into one new share of common stock. The reverse stock split will not modify any rights or preferences of the shares of the Company's common stock. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company's outstanding equity awards, as applicable, and warrants, as well as to the number of shares issued and issuable under the Company's equity incentive plans. The common stock issued pursuant to the reverse stock split will remain fully paid and non-assessable. The reverse stock split will not affect the number of authorized shares of common stock or the par value of the common stock. The reverse stock split was approved by the Company's stockholders at the special meeting of stockholders held on February 29, 2024 at a ratio in the range of 1-for-2 and 1-for-10, such ratio to be determined by the Board of Directors and included in a public announcement. On April 19, 2024, the Company's Board of Directors approved the reverse stock split at the ratio of 1-for-10.
No fractional shares will be issued in connection with the reverse stock split and no cash or other consideration will be paid in connection with any fractional shares. Stockholders who would otherwise would have held a fractional share after giving effect to the reverse stock split will instead own one whole share of the post-reverse stock split common stock.