SplitOct 5, 2026, 05:06 PM
Kustom Entertainment Completes 1-for-10 Reverse Stock Split
AI Summary
Kustom Entertainment, Inc. announced a 1-for-10 reverse stock split, effective October 1, 2026, to meet Nasdaq's minimum bid price requirement. The company also held its annual meeting on October 5, 2026, where directors were elected, the auditor was ratified, and shareholders approved an increase in authorized shares and a potential share issuance related to an acquisition. The reverse split reduced outstanding shares to 650,686 and authorized shares to 1,333,334.
Key Highlights
- Kustom Entertainment, Inc. completed a 1-for-10 reverse stock split, reducing outstanding shares from 6,506,860 to 650,686.
- Authorized common stock reduced from 13,333,333 to 1,333,334 shares.
- The reverse split aims to comply with Nasdaq's minimum $1.00 bid price requirement.
- Stock began trading on a split-adjusted basis on the Nasdaq Capital Market on October 1, 2026.
- Annual meeting held on October 5, 2026, with 52.55% of shares represented.
- Four directors were elected, and Victor Mokuolu CPA PLLC was ratified as the independent auditor.
- Shareholders approved an amendment to increase authorized capital stock to 1,200,000,000 shares.
- Approval granted for potential issuance of 20% or more of outstanding shares related to an acquisition.
Price Impact
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