Carbon Streaming Corp (NEO: NETZ) is gearing up for its debut on the US big boards. In connection with this, the firm this morning announced that it will be undertaking a share consolidation to support minimum listing requirements for the NYSE and Nasdaq.
The share consolidation, or reverse split as its otherwise known, is set at a rate of one for five – that is, investors will receive one post-consolidation share for every five shares held pre-consolidation. The move is expected to reduce the current 126.1 million outstanding shares of the company to just 25.22 million shares.
“The share consolidation is an important step in our previously announced U.S. listing strategy. We believe it could allow Carbon Streaming the opportunity to significantly broaden our reach to new potential investors when we list on a U.S. exchange, which in turn could provide the Company with increased flexibility, enhanced liquidity and a higher profile with potential investors,” commented CEO Justin Cochrane on the move.
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The consolidation is expected to take effect in roughly three to five weeks, subject to the approval of the Neo.
Carbon Streaming Corp last traded at $2.65 on the Neo.
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