Stockholders Approve Reverse Split to Regain Nasdaq Compliance
FEED sits 45% above its 52-week low of $0.29.
Summary
Stockholders approved a reverse stock split at a ratio between 1-for-2 and 1-for-50, giving the board discretion to set the final ratio. This follows the Nasdaq delisting notice received July 10 for trading below $1, and the special meeting called July 14 to vote on the split. The approval is a necessary step to regain compliance, but the wide ratio range leaves uncertainty about the final share count and potential dilution. The company remains financially distressed with a going concern warning and recent deeply dilutive financing facilities.
At the time of this announcement, FEED was trading at $0.42 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $3.6M. The 52-week trading range was $0.29 to $17.40. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.