Nova LifeStyle, Inc. Completes 1 for 5 Reverse Stock Split
May 23 2023 - 12:47PM
Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the
“Company”) today announced that it has completed a one-for-five
reverse stock split (the “Reverse Stock Split”).
On May 22, 2023, the Company filed a Certificate of Change
Pursuant to NRS 78.209 with the Nevada Secretary of State to effect
the Reverse Stock Split, which became effective upon filing. As a
result of the Reverse Stock Split, every 5 shares of the Company’s
common stock issued and outstanding immediately prior to the filing
of the Certificate of Change was consolidated into one issued and
outstanding share. All stockholders who would be entitled to
receive fractional shares as a result of the Reverse Stock Split
received one whole share for their fractional share interest. There
was no change in the par value of our common stock.
The Company’s common stock will begin trading on a
split-adjusted basis on The Nasdaq Capital Market at the
commencement of trading on May 24, 2023 under the Company’s
existing symbol “NVFY.” The Company’s common stock has been
assigned a new CUSIP number of 66979P300 in connection with the
Reverse Stock Split.
The Certificate of Change also decreased the number of
authorized shares of the Company’s common stock from 15,000,000 to
3,000,000.
In addition, proportionate adjustments will be made to the
exercise prices of the Company’s outstanding stock options and
warrants and to the number of shares issued and issuable under the
Company’s existing stock incentive plans.
About Nova LifeStyle
Nova LifeStyle, Inc. is a well-established, innovative
designer and distributor of modern lifestyle furniture; primarily
sofas, dining room furniture, cabinets, office furniture and
related components, bedroom furniture, jade mats and various
accessories, in matching collections. Nova LifeStyle’s product
lines include the Nova Brands and Diamond Sofa
(www.diamondsofa.com). Nova's products feature urban contemporary
styles that integrate comfort and functionality, incorporating
upscale luxury designs which appeal to middle and upper
middle-income consumers in the USA, China, Southeast
Asia, South America, and elsewhere in the world.
Visit Nova LifeStyle's website
at www.NovaLifeStyle.com.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including, among others, our ability to fully resume our
operations and remain financially healthy, our expected future
growth prospects. All statements other than statements of
historical fact are, or may be deemed to be, forward-looking
statements. In some cases, forward-looking statements can be
identified by the use of forward-looking terms such as
“anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,”
“may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,”
“objective,” “projection,” “forecast,” “goal,” “guidance,”
“outlook,” “effort,” “target,” “trajectory” or the negative of
these terms or other comparable terms. However, the absence of
these words does not mean that the statements are not
forward-looking. These forward-looking statements are based on
certain assumptions and analyses made by us in light of our
experience and our perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances.
Investor Relations ContactAndrew
Barwicki516-662-9461andrew@barwicki.comir@novalifestyle.com
Nova Lifestyle (NASDAQ:NVFY)
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