Expion360 Announces 1-For-100 Reverse Stock Split
07 Outubro 2024 - 9:30AM
Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”),
an industry leader in lithium-ion battery power storage solutions,
today announced that its Board of Directors authorized the
stockholders approved 1-for-100 reverse stock split (the “Reverse
Stock Split”) of its common stock, par value $0.001 per share (the
“Common Stock”).
The Reverse Stock Split will become effective at
5:00 p.m. Pacific Time on October 8, 2024 (the “Effective Time”).
The Common Stock will continue to trade on The Nasdaq Capital
Market under the symbol “XPON” and will begin trading on a
post-split basis when the market opens on October 9, 2024. The new
CUSIP number for the Common Stock following the Reverse Stock Split
will be 30218B 209.
The Reverse Stock Split is intended to enable
the Company to regain compliance with the minimum bid price
requirement for continued listing on Nasdaq.
At the Effective Time of the Reverse Stock
Split, every 100 shares of the Company’s issued and outstanding
Common Stock will be combined into one share of Common Stock issued
and outstanding, with no change to the par value of $0.001 per
share. No fractional shares of Common Stock will be issued as a
result of the Reverse Stock Split and instead each holder of Common
Stock who would otherwise be entitled to receive a fractional share
as a result of the Reverse Stock Split will receive one whole share
of Common Stock in lieu of such fractional share. In addition, the
Reverse Stock Split will effect a reduction in the number of shares
issuable pursuant to the Company’s equity awards, warrants and
non-plan options outstanding as of the Effective Time of the
Reverse Stock Split, and a corresponding increase in the respective
exercise prices, conversion prices, reset prices and the like
thereunder. The Reverse Stock Split affects all stockholders
uniformly and will not alter any stockholder’s percentage interest
in the Common Stock, except for adjustments that may result from
the treatment of fractional shares.
Pacific Stock Transfer Company is acting as
transfer and exchange agent for the Reverse Stock Split.
Stockholders with shares held in certificated form will receive
from Pacific Stock Transfer Company instructions regarding the
exchange of their certificates. Stockholders that hold shares in
book-entry form or hold their shares in brokerage accounts are not
required to take any action and will see the impact of the Reverse
Stock Split reflected in their accounts, subject to brokers’
particular processes. Beneficial holders of Common Stock are
encouraged to contact their bank, broker, custodian or other
nominee with questions regarding procedures for processing the
Reverse Stock Split
About Expion360
Expion360 is an industry leader in premium
lithium iron phosphate (LiFePO4) batteries and accessories for
recreational vehicles and marine applications, with residential and
industrial applications under development. On December 19, 2023,
the Company announced its entrance into the home energy storage
market with the introduction of two premium LiFePO4 battery storage
systems that enable residential and small business customers to
create their own stable micro-energy grid and lessen the impact of
increasing power fluctuations and outages.
The Company’s lithium-ion batteries feature half
the weight of standard lead-acid batteries while delivering three
times the power and ten times the number of charging cycles.
Expion360 batteries also feature better construction and
reliability compared to other lithium-ion batteries on the market
due to their superior design and quality materials. Specially
reinforced, fiberglass-infused, premium ABS and solid mechanical
connections help provide top performance and safety. With Expion360
batteries, adventurers can enjoy the most beautiful and remote
places on Earth even longer.
The Company is headquartered in Redmond, Oregon.
Expion360 lithium-ion batteries are available today through more
than 300 dealers, wholesalers, private-label customers, and OEMs
across the country. To learn more about the Company, visit
expion360.com.
Forward-Looking Statements and Safe
Harbor Notice
This press release contains certain
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, which statements are
subject to considerable risks and uncertainties. The Company
intends such forward-looking statements to be covered by the safe
harbor provisions contained in the Private Securities Litigation
Reform Act of 1995. All statements other than statements of
historical facts included in this press release, including
statements about the Company’s beliefs and expectations, are
"forward-looking statements" and should be evaluated as such.
Forward-looking statements may be identified by words such as
“anticipates,” “believes,” “estimates,” “expects,” “intends,”
“may,” “plans,” “projects,” “seeks,” “should,” “suggest”, “will,”
and similar expressions. Forward-looking statements in this press
release include, without limitation, statements regarding the
timing of effectiveness of the Reverse Stock Split, the timing of
trading of the Common Stock on a post-split basis, and the
Company’s ability to regain compliance with Nasdaq’s minimum bid
price listing requirement in a timely manner or at all. The Company
has based these forward-looking statements on its current
expectations and projections about future events. Forward-looking
statements are subject to and involve risks, uncertainties, and
assumptions that may cause the Company’s actual results,
performance or achievements to be materially different from any
future results, performance or achievements predicted, assumed or
implied by such forward-looking statements, including, without
limitation, risks, uncertainties and assumptions related to the
trading price of the Common Stock following effectiveness of the
Reverse Stock Split, as well as the risks disclosed under Item 1A.
“Risk Factors” in the Company’s most recently Annual Report on Form
10-K filed with the SEC, as updated by the Company’s subsequently
filed Quarterly Reports on Form 10-Q. This Current Report speaks as
of the date indicated above. The Company undertakes no obligation
to update any forward-looking statements, whether as a result of
new information, future events, or otherwise, except as required by
law. The Company expressly disclaims any obligation to update or
revise any forward-looking statements found herein to reflect any
future changes in the Company’s expectations of results or any
future change in events, except as required by law.
Company Contact:Brian Schaffner,
CEO541-797-6714Email Contact
External Investor Relations:Chris Tyson,
Executive Vice PresidentMZ Group - MZ North
America949-491-8235XPON@mzgroup.uswww.mzgroup.us
Expion360 (NASDAQ:XPON)
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