Inno Holdings Inc., a Texas-based corporation, has announced the approval of a reverse stock split of its common stock by a ratio of 1-for-10. The decision was made through a written consent by the holders of a majority of the voting power of the company's issued and outstanding common stock on September 6, 2024. The reverse stock split is planned to be effected by the Board of Directors on or before October 31, 2024. The consenting stockholders, owning approximately 81% of the voting power, have provided the necessary approval for the amendment to the company's Certificate of Formation to execute the reverse stock split. This action is intended to increase the per-share trading price of the common stock to comply with...Show More

Inno Holdings Inc., a Texas-based corporation, has announced the approval of a reverse stock split of its common stock by a ratio of 1-for-10. The decision was made through a written consent by the holders of a majority of the voting power of the company's issued and outstanding common stock on September 6, 2024. The reverse stock split is planned to be effected by the Board of Directors on or before October 31, 2024. The consenting stockholders, owning approximately 81% of the voting power, have provided the necessary approval for the amendment to the company's Certificate of Formation to execute the reverse stock split. This action is intended to increase the per-share trading price of the common stock to comply with Nasdaq's minimum bid price requirement and to make the stock more attractive to a broader range of investors. The information statement detailing this action is being distributed to stockholders as of the record date, September 20, 2024, and is not a solicitation for proxies or consents. The reverse stock split will affect all holders of the company's common stock uniformly and will not alter any stockholder's percentage ownership interest, except for adjustments due to rounding of fractional shares. The company's Board may still decide to abandon the reverse stock split if deemed in the best interest of the company and its stockholders.