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Investing.com -- Heritage Distilling Holding Company Inc. (NASDAQ:IPST) shares dropped 22.9% in after-hours trading on Friday following the announcement of a 1-for-20 reverse stock split.
The company, which operates as IP Strategy and is known as the first to adopt a treasury reserve policy centered on the $IP token, said the reverse split will take effect on November 5, 2025. IPST common stock will begin trading on a split-adjusted basis when markets open that day, maintaining its existing ticker symbol.
The move is intended to bring Heritage Distilling into compliance with Nasdaq’s minimum bid price requirement while improving marketability and liquidity of its common stock. Stockholders previously authorized the board to implement a reverse split with a ratio ranging from 1-for-5 up to 1-for-20 during a Special Meeting held on September 18, 2025.
Under the terms of the split, every 20 shares of issued and outstanding common stock will automatically combine into one share. The reverse split won’t affect the number of authorized shares, par value, or stockholder rights, except for adjustments related to fractional shares. Stockholders who would otherwise receive fractional shares will receive cash payments based on the closing price on November 4, 2025.
The split will also apply to shares issuable upon exercise of outstanding warrants and stock options, with proportionate adjustments to exercise prices. Stockholders holding shares through brokers will have their positions automatically adjusted and won’t need to take action.
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