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For shareholders who hold quantities of shares that are not an exact multiple of the reverse split ratio (for example, not a multiple of four for a one-for-four split), the reverse split will result in the creation of a fractional share. Fractional shares cannot trade on the exchanges, so post-reverse-split fractional shares will be automatically redeemed for cash and be sent to each shareholder's broker of record. This redemption may cause some shareholders to realize gains or losses, which could be a taxable event for those shareholders.

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