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The New Name "Eightco Holdings Inc." Will Be Effective on April 3, 2023. Common Stock Will Begin Trading Under the Symbol "OCTO" on a Split-Adjusted Basis on April 4, 2023.
SAFETY HARBOR, Florida, April 03, 2023 (GLOBE NEWSWIRE) -- Cryptyde, Inc. (NASDAQ:TYDE) ("Cryptyde" or the "Company"), a technology company dedicated to fostering growth and innovation through strategic acquisitions and management, today announced that it intends to change its name to "Eightco Holdings Inc." and to effect a reverse stock split of its common stock at a ratio of 1 post-split share for every 50 pre-split shares. The name change and the reverse stock split will become effective at 4:05 p.m. on Monday, April 3, 2023. The Company's common stock will continue to be traded on the Nasdaq Capital Market under the new symbol "OCTO" and will begin trading on a split-adjusted basis when the market opens on Tuesday, April 4, 2023.
At a special meeting of stockholders held on March 15, 2023, Cryptyde's stockholders granted the Company's Board of Directors the discretion to effect a reverse stock split of the Company's common stock through an amendment to its Certificate of Incorporation at a ratio of not less than 1-for-2 and not more than 1-for-50, such ratio to be determined by the Company's Board of Directors.
At the effective time of the reverse stock split, every 50 shares of Cryptyde's issued and outstanding common stock will be converted automatically into one issued and outstanding share of common stock without any change in the par value per share. Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-50 reverse stock split.
The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Any fractional share of a stockholder resulting from the reverse stock split will be rounded up to the nearest whole number of shares. The reverse stock split will reduce the number of shares of Cryptyde's common stock outstanding from approximately 89,878,484 shares to approximately 1,797,756 shares. Proportional adjustments will be made to the number of shares of Cryptyde's common stock issuable upon exercise or conversion of Cryptyde's equity awards, convertible securities and warrants, as well as the applicable exercise price. Stockholders with shares in brokerage accounts should direct any questions concerning the reverse stock split to their broker; all other stockholders may direct questions to the Company's transfer agent, Nevada Agency and Transfer Company, at (775) 322-0626.
Posted In: TYDE
