Netcapital announces intention to complete reverse stock split

Netcapital said it intends to file a proxy statement with the Securities and Exchange Commission on or about May 28, 2024 in connection with a special meeting of stockholders to be held on July 24, 2024. The proxy statement will include a proposal for a reverse stock split of its issued and outstanding shares of common stock at a ratio in the range of 1-for-2 to 1-for-100, with the exact range to be determined by the company’s board of directors. The reverse stock split to be proposed to the company’s stockholders in the proxy statement is intended to resolve the issue raised in notice the company received from the The Nasdaq Stock Market LLC on September 1, 2023 regarding the company’s non-compliance with the minimum bid price requirement. The company can regain compliance at any time within the second compliance period if the closing bid price of the company’s common stock is at least $1 for a minimum of ten consecutive business days.