Sino Green Land Corp. (OTCMKTS:SGLA) has announced that it will effect a one-for-five hundred reverse stock split of its common stock. The company’s common stock will trade on the OTC Markets on a split-adjusted basis under a new CUSIP number 82936V207.
On Friday, SGLA stock slumped 43% to $0.0016 with 339K shares, compared to its average volume of 48 shares. The stock moved within a range of $0.0014 – 0.0028 after opening trade at $0.0028.
Sino Green Land Corp. Announces a One-for-Five Hundred Reverse Stock Split
Stockholders have approved an amendment to authorize the reverse stock split by a written consent in lieu of a special meeting of stockholders on November 24, 2021. A Certificate of Amendment was filed to the Company’s Restated Certificate of Incorporation with the Secretary of State of the State of Nevada, for effecting the reverse stock.
The reverse stock split will affect holders of shares of Sino Green Land Corp. common stock uniformly, including officers and directors. It will be effected simultaneously for all outstanding shares of common stock. The ratio is to be same for all outstanding shares of common stock and preference stock. There are no changes to the number of authorized shares or par value of the company’s common or preferred stock following the effectiveness of the reverse split.
The number of shares each stockholder owns will decrease, but the ownership of the company will remain the same. No fractional shares are to be issued in connection with the reverse stock split, and all fractional shares will be rounded up to the nearest whole share. The number of shares of preference stock issued and outstanding will be reduced from 730 million to approximately 1.46 million, and the number of shares of preference stock issued and outstanding from approximately 1.26 million to approximately 2,520.
SGLA stock is trading below the 20-Day and 50-Day Moving averages of $0.0033 and $0.0032 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0065.