FTC Solar Announces Reverse Stock Split
FTC Solar, Inc. (Nasdaq: FTCI) is set to execute a significant reverse stock split in a move aimed at satisfying Nasdaq Capital Market's requirements. The company, recognized as a top provider of solar tracker systems, will implement this 1-for-10 split effective at 5:00 PM Eastern Time. The decision comes to ensure that its common stock adheres to the minimum bid price of $1.00 per share mandated by Nasdaq.
Understanding the Reverse Stock Split Process
This reverse stock split means that for every ten shares currently held, shareholders will receive one share of the newly adjusted common stock. This will decrease the total number of outstanding shares drastically from roughly 127.8 million to about 12.8 million shares. While the reverse split alters the number of shares each stakeholder holds, it will not affect the overall value of their investment.
Impact on Shareholders and Trading
Following this adjustment, FTC Solar's shares will continue to be traded on the Nasdaq under the current trading symbol “FTCI”. Trading under the new share count will begin from December 2, allowing for a seamless transition for investors. Previous resolutions passed by shareholders already approved this significant change, empowering the Board of Directors to define the details surrounding the reverse stock split.
About FTC Solar and Its Innovations
Founded in 2017 by seasoned veterans of the renewable energy industry, FTC Solar is committed to leading advances in solar energy technology. The firm specializes in solar tracker systems designed to optimize energy production by intelligently adjusting the panels' angles toward the sun. Through innovative designs, FTC Solar offers remarkable performance and an advantageous cost structure for installations, making it a vital player in the renewable energy sector.
Contact Information for FTC Solar
For inquiries, investors can reach out to Bill Michalek, Vice President of Investor Relations, via phone at (737) 241-8618 or through email at IR@FTCSolar.com.
Frequently Asked Questions
What is a reverse stock split?
A reverse stock split is when a company reduces the number of its outstanding shares, increasing the share price proportionately.
Why is FTC Solar executing a reverse stock split?
This action is taken to meet the Nasdaq's requirement of a minimum bid price of $1.00 per share.
What will happen to my shares after the split?
After the reverse stock split, you will hold fewer shares, but the overall value of your investment should remain the same.
Will FTC Solar's trading symbol change?
No, FTC Solar will continue to trade under the symbol “FTCI” even after the reverse split.
When does the reverse split take effect?
The reverse stock split is scheduled to take effect on November 29, with trading under the new share count commencing on December 2.
