ZIVO Bioscience Announces Reverse Stock Split
October 26 2023 - 8:30AM
Business Wire
Zivo Bioscience, Inc. (NASDAQ: ZIVO), a biotech/agtech
R&D company engaged in the development of therapeutic,
medicinal and nutritional product candidates derived from
proprietary algal cultures, today announced that the Board of
Directors of the Company approved a 1-for-6 reverse stock split
(the “Reverse Stock Split”) of its shares of common stock, par
value $0.001 (the “Common Stock”) effective at 5:00 p.m. ET on
October 26, 2023 (the “Effective Time”). The Company’s Common Stock
will begin trading on a split-adjusted basis on October 27, 2023
and will continue to trade on the Nasdaq Capital Market under the
existing symbol “ZIVO.” The new CUSIP number for the Common Stock
following the reverse split is US98978N3098.
As a result of the Reverse Stock Split, every 6 shares of
authorized Common Stock will be automatically combined into one
share of Common Stock. The Reverse Stock Split will reduce the
number of authorized shares of Common Stock from 150,000,000 shares
to 25,000,000 shares and the ownership percentage of each
stockholder will remain unchanged other than as a result of
fractional shares. The Company will pay cash for fractional shares,
determined by multiplying such fraction by the closing sales price
of the Company’s Common Stock as reported on Nasdaq on the last
trading day before the Reverse Stock Split becomes effective (on a
split-adjusted basis).
As of the Effective Time, proportional adjustments will also be
made to the number of shares of Common Stock issuable upon the
exercise of the Company’s outstanding warrants and stock options
and the number of shares authorized and reserved for issuance
pursuant to the Company’s equity incentive plan.
The Reverse Stock Split is part of the Company’s plan to regain
compliance with the Nasdaq Stock Market’s continued listing
requirements.
About ZIVO Bioscience
ZIVO Bioscience is a research and development company with an
intellectual property portfolio comprised of proprietary algal and
bacterial strains, biologically active molecules and complexes,
production techniques, cultivation techniques and patented or
patent pending inventions for applications in human and animal
health. Please visit www.zivobioscience.com for more
information.
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version on businesswire.com: https://www.businesswire.com/news/home/20231026487942/en/
ZIVO Bioscience, Inc. Keith Marchiando, Chief Financial
Officer (248) 452-9866 x130 kmarchiando@zivobioscience.com
LHA Investor Relations Tirth T. Patel (212) 201-6614
tpatel@lhai.com
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