Summary by Futu AI
Netcapital Inc., a digital private capital markets ecosystem, announced on May 24, 2024, its plans to hold a special stockholder meeting to propose a reverse stock split. This action is aimed at regaining compliance with Nasdaq's minimum bid price requirement. The company had previously received a notice from Nasdaq on September 1, 2023, regarding non-compliance due to its stock price falling below the $1.00 minimum bid. Despite an initial 180-day period to rectify the issue, Netcapital was unable to comply by the February 28, 2024, deadline. However, an extension notice granted the company an additional 180 days, until August 26, 2024, to meet the requirement. The proposed reverse stock split, with a ratio between 1-for-2 and 1-for-100, will be detailed in a proxy statement to be filed with the SEC on or about May 28, 2024, and the special meeting is scheduled for July 24, 2024. Netcapital's board of directors will determine the exact ratio of the reverse stock split. The company encourages stockholders to review the forthcoming proxy statement and other relevant documents for detailed information.