- The Board of Directors of Nebraska Book Holdings (OTCPK:NEEB) declared a 1-for-10,000 reverse stock split of the company's common stock, par value $0.001 per share, effective December 19.
- The 1-for-10,000 reverse stock split will reduce the number of outstanding shares from ~7.9B shares to ~790K shares.
- The number of authorized common stock under the company's certificate of incorporation will be reduced to 1M shares, and the number of authorized shares of preferred stock will be reduced to 0.1M shares.
- The par value of the common stock will remain unchanged at $0.001 per share.
- The new CUSIP number for NBC’s common stock following the reverse stock split will be 63957L302.
- The primary purpose of the reverse stock split is to reduce company’s annual franchise tax payable to the State of Delaware.