AMERICAN REBEL ANNOUNCES 1-FOR-25 REVERSE STOCK SPLIT
June 26 2023 - 12:30PM
American Rebel Holdings, Inc. (NASDAQ: AREB) – America’s Patriotic
Brand (the “Company”), today announced that it will effect a
reverse stock split of its outstanding shares of common stock, par
value $0.001 per share (the “Common Stock”), at a ratio of
1-for-25, to be effective as of 12:00 a.m. Eastern Time on June 27,
2023.
Our Common Stock will begin trading on a reverse
stock split-adjusted basis at the opening of The Nasdaq Capital
Market (“Nasdaq”) on Tuesday, June 27, 2023. Following the reverse
stock split, the Common Stock will continue to trade on Nasdaq
under the symbol “AREB” with the new CUSIP number, 02919L307. The
reverse stock split is intended for the Company to regain
compliance with the minimum bid price requirement of $1.00 per
share of common stock for continued listing on Nasdaq.
The reverse stock split will not change the
authorized number of shares of our Common Stock. No fractional
shares will be issued in connection with the reverse stock split
and all such fractional interests will be rounded up to the nearest
whole number of shares of Common Stock. In addition, the reverse
stock split will apply to the Common Stock issuable upon the
exercise of the Company’s outstanding derivative securities, with
proportionate adjustments to be made to the exercise prices and
number of derivates thereof and under the Company’s equity
incentive plans.
The reverse stock split will reduce the number
of issued and outstanding shares of the Company’s common stock from
approximately 16.9 million to approximately 677 thousand.
On November 28, 2022, the stockholders of the
Company approved a Certificate of Amendment to the Company’s Second
Amended and Restated Articles of Incorporation to effect a reverse
stock split of the Common Stock, at a ratio of up to 1-for-25, with
such ratio to be determined in the sole discretion of the Company’s
board of directors (the “Board”) and with the reverse stock split
to be effected at such time and date, if at all, as determined by
the Board in its sole discretion at any time within twelve (12)
months of such stockholder approval. The Board approved the reverse
stock split at a ratio of 1-for-25 on June 23, 2023.
Securities Transfer Corporation is acting as the
exchange agent and paying agent for the reverse stock split.
Stockholders holding their shares in book-entry form or in
brokerage accounts need not take any action in connection with the
reverse stock split.
Securities Transfer Corporation will provide
instructions to any stockholders with certificates regarding the
process in connection with the exchange of pre-reverse stock split
stock certificates for ownership in book-entry form or stock
certificates on a post-reverse stock split basis. Stockholders are
encouraged to contact their bank, broker or custodian with any
procedural questions.
About American Rebel Holdings,
Inc.
American Rebel operates primarily as a designer,
manufacturer and marketer of branded safes and personal security
and self-defense products. The Company also designs and produces
branded apparel and accessories. To learn more, visit
www.americanrebel.com. For investor information, visit
www.americanrebel.com/investor-relations.
Cautionary Note Regarding
Forward-Looking Statements:
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words "forecasts"
"believe," "may," "estimate," "continue," "anticipate," "intend,"
"should," "plan," "could," "target," "potential," "is likely,"
"expect" and similar expressions, as they relate to us, are
intended to identify forward-looking statements. We have based
these forward-looking statements primarily on our current
expectations and projections about future events and financial
trends that we believe may affect our financial condition, results
of operations, business strategy, and financial needs. Important
factors that could cause actual results to differ from those in the
forward-looking statements include our ability to raise adequate
working and expansion capital, our ability to efficiently
incorporate acquisitions into our operations, the use of non-GAAP
based pro forma financial estimates, our ability to introduce new
products, our ability to meet production demands, our ability to
expand our sales organization to address existing and new markets
that we intend to target, our ability to meet or exceed financial
and reporting estimates, any effects of the reverse stock split,
our ability to continue to meet Nasdaq listing requirements, and
the Risk Factors contained within our filings with the SEC,
including our Annual Report on Form 10-K for the year ended
December 31, 2022. Any forward-looking statement made by us herein
speaks only as of the date on which it is made. Factors or events
that could cause our actual results to differ may emerge from time
to time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future
developments or otherwise, except as may be required by law.
SOURCE: American Rebel
Holdings, Inc.
Company
Contact:info@americanrebel.com
American Rebel (NASDAQ:AREBW)
Historical Stock Chart
From Apr 2024 to May 2024
American Rebel (NASDAQ:AREBW)
Historical Stock Chart
From May 2023 to May 2024