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Kaival Brands Innovations | 8-K: Current report

SEC announcement ·  Jan 27 06:16
Summary by Futu AI
Kaival Brands Innovations, a company registered in Delaware and listed on the Nasdaq Stock Market under the symbol KAVL, has reported several significant corporate events in a recent Form 8-K filing with the SEC. On January 22, 2024, the company executed a reverse stock split of its common stock at a ratio of 1-for-21, effective as of 8:00 a.m. EST on the same day. The reverse stock split, which reduced the number of outstanding shares from approximately 58.66 million to approximately 2.79 million, was initiated to comply with Nasdaq's minimum bid price requirement for continued listing. Trading on a post-split basis commenced on January 25, 2024. Additionally, the company announced the immediate resignation of James P. Cassidy from the Board of Directors on January...Show More
Kaival Brands Innovations, a company registered in Delaware and listed on the Nasdaq Stock Market under the symbol KAVL, has reported several significant corporate events in a recent Form 8-K filing with the SEC. On January 22, 2024, the company executed a reverse stock split of its common stock at a ratio of 1-for-21, effective as of 8:00 a.m. EST on the same day. The reverse stock split, which reduced the number of outstanding shares from approximately 58.66 million to approximately 2.79 million, was initiated to comply with Nasdaq's minimum bid price requirement for continued listing. Trading on a post-split basis commenced on January 25, 2024. Additionally, the company announced the immediate resignation of James P. Cassidy from the Board of Directors on January 25, 2024. His departure was attributed to other professional commitments and not due to any disagreements with the Board or the company. GoFire, Inc., the holder of the majority of the company's Series B Convertible Preferred Stock and the entity with the right to appoint Cassidy's replacement, will work with the Board to fill the vacancy. The company's equity incentive plans and outstanding equity awards and warrants will be proportionately adjusted to reflect the reverse stock split.

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