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CN Energy Group , Inc. (NASDAQ:CNEY), an industrial organic chemicals company, announced today the completion of a reverse stock split of its Class A ordinary shares at a ratio of 1-for-25. The action took effect at 12:01 a.m. Eastern Time today, with the intention of increasing the market price per share to satisfy Nasdaq’s minimum bid price requirement for continued listing.
The reverse stock split has reduced the number of CN Energy’s issued and outstanding Class A ordinary shares from approximately 75.28 million to about 3.01 million. In the process, no fractional shares were issued. Instead, shareholders received a rounded-up whole share in place of any fractional share they would have otherwise been entitled to.
Trading on the Nasdaq Capital Market commenced on a split-adjusted basis under the existing ticker symbol "CNEY" and a new CUSIP number G2181K204.
This strategic move by CN Energy aims to bring the company back into compliance with Nasdaq’s listing standards. The company’s ability to maintain its listing on the exchange is crucial for its visibility in the market and access to capital.
The information for this report is sourced from an SEC filing by CN Energy Group, Inc.
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