MINNEAPOLIS, MN, US, November 22, 2019 /EINPresswire.com/ -- PetVivo Holdings, Inc. (OTCQB: PETV) (the “Company”) today announced that the Company has effected a reverse stock split of its outstanding common stock at a ratio of 9-for-10. The Company’s common stock will begin trading on a split-adjusted basis on Friday, November 22, 2019, under the new CUSIP number 716817309. The Company’s trading symbol will change to “PETVD” for a period of 20 business days, after which the “D” will be removed from the Company’s trading symbol and it will revert to the symbol of “PETV.”
John Lai, CEO of the Company, commented, “The purpose of this reverse stock split is to improve the Company’s capital structure related to listing requirements for a planned future uplift to NASDAQ.”
This reverse stock split was approved by the Board of Directors of the Company, and under Nevada law does not need approval from the shareholders of the Company. Pursuant to this reverse stock split, each ten (10) shares of the Company’s outstanding common stock, $.001 par value per share, will be automatically combined and converted into nine (9) outstanding shares of common stock, $.001 par value per share. As a result of this reverse stock split, the Company’s outstanding common shares will be reduced to 22,477,067 shares.
This reverse stock split will affect all shareholders uniformly and accordingly will not alter any shareholder’s percentage interest and ownership in the Company’s equity, except to the extent that any shareholder would result in owning a fractional common share. Any fractional shares resulting from this reverse stock split will be rounded up to the next whole number of shares.
Shareholders of the Company holding their shares through a brokerage or street account will have their shares automatically adjusted to reflect this 9-for-10 reverse stock split. In the case of shareholders holding shares in certificated form, they need to exchange their present certificates for new stock certificates. Shareholders should direct any questions concerning this reverse stock split and exchange of their certificates to their broker or to the Company’s Transfer Agent, Equity Stock Transfer, at https://equitystock.com/contact.
About PetVivo Holdings, Inc.
PetVivo Holdings, Inc. (OTCQB: PETV) is an emerging veterinary biomedical company focused on licensing and commercialization of highly innovative medical technologies for companion animal therapeutics. PetVivo is leveraging investments made in the human medical device industry to commercialize therapeutics for pets in a capital and time efficient way. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, and the opportunity to bring products into large markets represented by currently unmet needs of our companion animals.
Forward-Looking commercial Statements:
The foregoing material may contain forward-looking statements. We caution that such statements may be subject to uncertainties and that actual results could differ materially from the forward-looking statements. Readers accordingly should not place undue reliance on these forward-looking statements, which do not reflect unknown or unanticipated events or circumstances occurring after the date of these forward-looking statements.
President & CEO
PetVivo Holdings, Inc.
PETVIVO HOLDINGS, INC.
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