Cryptyde, Inc. Announces New Name, New Ticker Symbol and Reverse Stock Split
April 03 2023 - 12:45PM
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.
About Cryptyde,
Inc.
Cryptyde, Inc. (NASDAQ: TYDE) is focused on
driving growth through the acquisition and management of
technology. With subsidiaries like Forever 8, a cash flow
management platform for e-commerce sellers, and Ferguson
Containers, a provider of complete manufacturing and logistical
solutions for product and packaging needs, Cryptyde is committed to
identifying and acquiring businesses with untapped potential and
developing strategies to scale them to new heights. Through focused
execution and a commitment to innovation, Cryptyde aims to drive
significant growth and value creation for its portfolio companies
and shareholders.
For additional information, please visit
http://www.cryptyde.com/.
Forward Looking Statements:
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements in this press release other than
statements of historical fact could be deemed forward looking.
Words such as “plans,” “expects,” “will,” “anticipates,”
“continue,” “expand,” “advance,” “develop” “believes,” “guidance,”
“target,” “may,” “remain,” “project,” “outlook,” “intend,”
“estimate,” “could,” “should,” and other words and terms of similar
meaning and expression are intended to identify forward-looking
statements, although not all forward-looking statements contain
such terms. Forward-looking statements are based on management’s
current beliefs and assumptions that are subject to risks and
uncertainties and are not guarantees of future performance. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors,
including, without limitation: the effect that the reverse stock
split may have on the price of the Cryptyde’s common stock and
Cryptyde’s ability to maintain its listing on the Nasdaq Stock
Market. Given these risks and uncertainty, you are cautioned not to
place undue reliance on such forward-looking statements. For a
discussion of other risks and uncertainties, and other important
factors, any of which could cause Cryptyde’s actual results to
differ from those contained in forward-looking statements, see
Cryptyde’s filings with the Securities and Exchange Commission
(SEC), including the section titled “Risk Factors” in Cryptyde’s
Registration Statement on Form 10, as amended, filed with the
SEC on May 13, 2022, and Cryptyde’s Registration Statement on
Form S-1, as amended, filed with the SEC on January 24,
2023. All information in this press release is as of the date of
the release, and Cryptyde undertakes no duty to update this
information or to publicly announce the results of any revisions to
any of such statements to reflect future events or developments,
except as required by law.
For further information, please contact:
Investor Relations
Richard Brown617-819-1289investors@cryptyde.com
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