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Zapp Electric Vehicles Group Limited (NASDAQ:ZAPP) ("Zapp EV" or the "Company"), owner of "Zapp", the British electric vehicle brand on a mission to revolutionize personal urban mobility, today announced that its shareholders approved at the Company's annual general meeting on April 11, 2024, and that the Company will effect, a consolidation of its authorized share capital at a ratio of 1-for-20 (the "Reverse Stock Split"), in order that the share capital of the Company be amended from US$50,000 divided into 500,000,000 ordinary shares of a nominal or par value of US$0.0001 to US$50,000 divided into 25,000,000 ordinary shares of a nominal or par value of US$0.002 (the latter, the "New Ordinary Shares").
The Reverse Stock Split will be effective at 4:01 p.m. (EDT) on Monday, April 22, 2024, and the Company's ordinary shares will begin trading on a split-adjusted basis when the Nasdaq Global Market ("Nasdaq") opens for trading on Tuesday, April 23, 2024. The ordinary shares will continue to trade on Nasdaq under the trading symbol "ZAPP", but will trade under new CUSIP number G9889X 123.
Posted In: ZAPP
