Banzai Sets 1-for-10 Reverse Split for Oct. 27, Rebrands as Parabolic Technologies
PARA is trading near its 52-week low of $0.47 (1.1% above the low) on light trading volume (0.2× avg).
Summary
Banzai will execute a 1-for-10 reverse split at the open on Oct. 27, 2026, cutting the share count 90% and lifting the per-share price to address Nasdaq's minimum bid requirement. The company is also renaming itself Parabolic Technologies, Inc., keeping the PARA ticker but trading under a new CUSIP (06682J803). No fractional shares will be issued; holders get rounded up, and Class A shares fall to roughly 506,121 post-split, a thin float that can amplify volatility. This follows the definitive proxy filed Oct. 20 for an Oct. 30 special meeting on expanding authorized shares to 850 million and a $14 million public offering, and the Sept. 29 proxy that set the Oct. 16 vote on the split. The split itself is a compliance fix, not a fix for the underlying problems: the Q2 10-Q showed a going concern warning, a 24% revenue decline, a $13.4M net loss and only $0.6M in cash. Watch the Oct. 30 special meeting, where the authorized-share expansion and the $14 million offering come up for a vote.
At the time of this announcement, PARA was trading at $0.48 on NASDAQ in the Technology sector, with a market capitalization of approximately $2.1M. The 52-week trading range was $0.47 to $54.60. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.