DefaultJun 30, 2026, 04:47 PM
Olenox Subsidiary SG Echo Files Chapter 11; Multiple Reverse Splits
AI Summary
Olenox Industries Inc. announced that its wholly-owned subsidiary, SG Echo, filed for Chapter 11 bankruptcy on April 28, 2026, accelerating $4.0 million in debt. The company also underwent three reverse stock splits: 1-for-20 in May 2024, 1-for-64 in September 2025, and 1-for-10 in May 2026, primarily to maintain Nasdaq listing compliance. Olenox completed a merger with New Asia Holdings, Inc. in February 2025 and acquired Giant Containers Inc. in December 2025, while also deconsolidating its former subsidiary SG DevCorp in 2024.
Key Highlights
- SG Echo, a wholly-owned subsidiary, filed for Chapter 11 bankruptcy on April 28, 2026.
- The bankruptcy filing accelerated approximately $4.0 million in principal debt for SG Echo.
- Olenox Industries effected a 1-for-20 reverse stock split on May 2, 2024.
- Olenox Industries effected a 1-for-64 reverse stock split on September 8, 2025.
- Olenox Industries effected a 1-for-10 reverse stock split on May 8, 2026.
- Merged with New Asia Holdings, Inc. on February 2, 2025, issuing 4 million Series A preferred shares.
- Acquired Giant Containers Inc. on December 18, 2025, focusing modular business on it.
- Deconsolidated SG DevCorp from financial statements in 2024 after ownership fell below 50%.
Price Impact
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