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Bollinger Innovations, Inc. (NASDAQ:BINI) ("Bollinger Innovations" or the "Company"), an electric vehicle manufacturer, today announces that it will effect a 1-for-250 reverse stock split ("Reverse Stock Split") of its common stock, par value $0.001 per share ("Common Stock"), that will become effective on Sept. 22, 2025, at 12:01 a.m. Eastern Time. The Common Stock will continue to trade on The Nasdaq Capital Market ("Nasdaq") under the existing BINI symbol and will begin trading on a split-adjusted basis when the market opens on Sept. 22, 2025. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 62526P877.
This will be the last reverse stock split Bollinger Innovations initiates for the next three years.
The Reverse Stock Split is primarily intended to bring the Company into compliance with the $1.00 minimum bid price requirement for maintaining its Nasdaq listing. There is no guarantee the Company will meet the minimum bid price requirement.
At the Company's Special Meeting of Stockholders held on Sept. 11, 2025, the Company's stockholders approved a proposal to authorize a reverse stock split of the Company's Common Stock, at a ratio within the range of 1-for-2 to 1-for-250. The Company's board of directors approved a 1-for-250 reverse split ratio, and the Company will file a Certificate of Amendment to its Second Amended and Restated Certificate of Incorporation to effect the Reverse Stock Split effective Sept. 22, 2025.
The 1-for-250 Reverse Stock Split will automatically combine and convert 250 current shares of the Company's Common Stock into one issued and outstanding share of Common Stock. Proportional adjustments also will be made to outstanding equity awards, warrants and convertible notes, and certain existing agreements pursuant to their terms; however, pursuant to the terms of the Company's 2022 Equity Incentive Plan, as amended, the number of shares then reserved for issuance under such plan will not be adjusted based upon the Reverse Stock Split ratio. Proportionate adjustments will also be made to the per share conversion price of the Company's series of preferred stock, pursuant to their respective terms. The Reverse Stock Split will not change the par value of the Common Stock nor the authorized number of shares of Common Stock, preferred stock or any series of preferred stock.
Posted In: BINI
