Virginia Beach, Virginia- Feb. 27, 2020-– Bioforce Nanosciences Holdings, Inc. (BFNH:OTC) (BFNHD:OTC) implemented a 1-for-5 reverse split of its common stock to be effective prior to the opening of the market tomorrow, Friday, February 28, 2020.
The stock begin trading on a post-split basis under the symbol, BFNHD, for 20 business days, after which it will return to trading under the symbol, BFNH.
The majority stockholders approved BFNH’s reverse stock split, and on December 2, 2019, the record date of the corporate action, and the board of directors approved the implementation of the reverse stock split at the ratio of 1-for-5.
As a result of the split, every 5 (five) shares of issued and outstanding old common stock will be exchanged for 1 (one) share of new common stock under the new CUSIP number 09064C206. No fractional shares of common stock will be issued as a result of the reverse stock split. In lieu of receiving fractional shares, all such fractions shall be rounded up so that shareholders of record receive one whole share for each fractional share.
Each stockholder’s percentage ownership interest in BioForce Nanosciences Holdings, Inc., their proportional voting power, and the rights and privileges as the holders of the common stock remain unchanged and unaffected.
The reverse stock split did not change the total number of shares of common Stock or preferred stock authorized for issuance by the Company; 900,000,000 total number of common shares, par value $0.001 per share, and 100,000,000 shares of preferred stock, par value $0.001 per share, authorized.
Shareholders holding share certificates will receive information from BioForce’s transfer agent regarding the process for exchanging their shares of common stock. No service charge will be paid by existing shareholders for the exchange of the shares, and the Company will pay all expenses of the transfer and issuance of new shares.
The Board of Directors believes that the reverse stock split should encourage greater interest in the Company’s common stock by the investment community, and believes that the recapitalization of its market price of the Company’s common stock might become acceptable to institutional investors, professional investors and other members of the investing public.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain forward information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competitions.