BLOOMFIELD HILLS–Zivo Bioscience Inc. (NASDAQ: ZIVO), a biotech and agricultural tech research and development company, announced a one-for-six-share reverse stock split, effective Friday, Oct. 26 at 5 p.m. Eastern time.
The split is part of the company’s plan to regain compliance with the Nasdaq stock market’s continued listing requirements.
The stock will continue to trade on the Nasdaq Capital Market under the existing symbol “ZIVO.” The new CUSIP number for the Common Stock following the reverse split is US98978N3098.
As a result of the Reverse Stock Split, every 6 shares of authorized common stock will be automatically combined into one share of common stock. The reverse stock split will reduce the number of shares of common stock authorized from 150 million to 25 million, and the ownership percentage of each stockholder will remain unchanged other than as a result of fractional shares.
The company said it would pay cash for fractional shares, determined by multiplying the fraction by the closing sales price of the company’s common stock as reported on Nasdaq on the last trading day before the reverse stock split occurs.
Zivo is engaged in the development of therapeutic, medicinal and nutritional product candidates derived from proprietary algal cultures. More at www.zivobioscience.com.