Wallbox (WBX) announced that it is expected to implement a 20-for-1 reverse stock split of all classes of the Company’s ordinary shares. The reverse stock split is intended to bring the Company into compliance with the minimum bid price requirement set by the NYSE. Wallbox shareholders approved at the Company’s Annual General Meeting held on June 30 a reverse stock split ratio within a range of 1-for-10 to 1-for-40 and authorized the Board of Directors to determine and execute the final ratio. The Company’s Board of Directors subsequently approved the final reverse split ratio of 20-for-1 on the same date. In addition to approving the reverse stock split, shareholders at the AGM, also approved the 2024 annual accounts, reappointed and appointed members of the Board of Directors, and authorized the Board to issue shares and to limit or exclude pre-emptive rights, among other proposals.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WBX:
- Wallbox, PowerGo announce collaboration in the Netherlands
- Wallbox price target lowered to 40c from 50c at UBS
- Wallbox and Ensol expand partnership for fast charging infrastructure
- Wallbox Secures $15 Million in Private Placements with Spanish Government Backing
- Wallbox announces two private placements for aggregate of $15M