RenX Enterprises to effect a 1-for-20 reverse stock

RenX Enterprises (RENX) announced that it will effect a 1-for-20 reverse stock split of its common stock, par value $0.001 per share, that will become effective at 12:01 a.m. Eastern Time on March 26. The company’s common stock will continue to trade on Nasdaq on March 26. The 1-for-20 reverse split will proportionally reduce the number of outstanding shares of company common stock from approximately 50M shares to approximately 2.5M shares and the ownership percentage of each shareholder will remain unchanged other than as a result of fractional shares. The reverse split is intended to bring the company into compliance with the minimum bid price requirement for maintaining the listing of its common stock on Nasdaq.