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LISHUI, China - Farmmi, Inc. (NASDAQ: FAMI), an agricultural products supplier, has announced a share consolidation approved by shareholders on February 25, 2025, which will take effect in the marketplace on March 17, 2025. The consolidation aims to help the company comply with Nasdaq Marketplace Rule 5550(a)(2) to maintain its listing. The announcement comes as the stock has declined 76% over the past year, with a current market capitalization of just $2.94 million, according to InvestingPro data.
With the opening of trading on March 17, Farmmi’s ordinary shares will trade on a split-adjusted basis under the same ticker "FAMI" but will carry a new CUSIP Number, G33277149. The consolidation will convert every twelve existing ordinary shares into one issued and outstanding ordinary share automatically. No fractional shares will be issued; instead, they will be redeemed by the company.
This action will reduce the number of Farmmi’s issued and outstanding ordinary shares from approximately 15 million to about 1.25 million, subject to the redemption of fractional shares at the closing price on March 17. Correspondingly, the total number of authorized shares will decrease from 500 million to approximately 41.67 million.
Farmmi has been in business since 1998, specializing in the supply, processing, and retail of edible mushrooms, such as Shiitake and Mu Er, along with other agricultural products. The company operates both online and offline sales channels.
The information in this article is based on a press release statement from Farmmi, Inc.
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