Wellgistics Health implements 1-for-50 reverse stock split

Wellgistics Health (WGRX) approved a 1-for-50 reverse stock split of the company’s common stock, par value $0.00001 per share. The reverse split was approved by a majority of the stockholders on April 2. Post-split, the common stock security will trade under a new CUSIP number. The Reverse Split will legally take effect on May 26. The reverse split is intended to increase the per share trading price of the common stock to enable the company to regain compliance with the minimum bid price requirement for continued listing on Nasdaq. The reverse split will automatically convert every 50 current shares into one share of common stock. The reverse split will reduce the number of shares of outstanding common stock from approximately 125,671,251 to approximately 2,513,425.