BROOKSHIRE, TX / ACCESSWIRE / October 8, 2024 / Inno Holdings Inc. ("Inno" or the "Company") (Nasdaq Capital Market:INHD), an innovative building-technology company with a mission to transform the construction industry with our proprietary cold-formed steel-framing technology and other building innovations, today announced that the Company's board of directors (the "Board") approved a reverse stock split (the "Reverse Stock Split") of Inno's common stock, no par value (the "Common Stock"), at a ratio of 1-for-10 (the "Reverse Stock Split Ratio"). The Reverse Stock Split is expected to become effective immediately after the close of trading on the Nasdaq Capital Market (the "Nasdaq") on October 9, 2024 (the "Effective Time"), and Inno's Common Stock is expected to begin trading on the Nasdaq on a split-adjusted basis at the opening of trading on October 10, 2024, under the existing ticker symbol "INHD".
The Company filed an amendment to its Certificate of formation (the "Charter") on October 8, 2024, to implement the Reverse Stock Split as of the Effective Time. The primary goal of the Reverse Stock Split is to increase the per share market price of the Common Stock to regain compliance with the minimum $1.00 average closing price requirement for continued listing on the Nasdaq.
At the Effective Time, every ten (10) shares of Common Stock issued and outstanding or held as treasury stock will be automatically combined and converted into one (1) share of Common Stock. The total number of shares of Common Stock authorized for issuance under the Charter, the par value per share of Common Stock, and the number of shares of all other classes of stock authorized under the Charter other than the Common Stock will not change.
No fractional shares will be issued in connection with the Reverse Stock Split. Any stockholder who would otherwise be entitled to receive a fractional share will instead be entitled to receive one whole share of Common Stock in lieu of such fractional share.
VStock Transfer, LLC Company ("VStock") is acting as transfer and exchange agent for the Reverse Stock Split. Registered stockholders who hold shares of Common Stock in uncertificated form are not required to take any action to receive post-reverse split shares and holders of certificated shares will receive instructions from VStock. Stockholders owning shares through an account at a brokerage firm, bank, dealer, custodian or other similar organization acting as nominee will have their positions automatically adjusted to reflect the Reverse Stock Split, subject to such broker's particular processes, and will not be required to take any action in connection with the Reverse Stock Split.
About Inno Holdings Inc.
Inno is an innovative building-technology company with a mission to transform the construction industry with our proprietary cold-formed steel-framing technology and other innovations. We are a manufacturer of cold-formed-steel members and prefabricated homes. We offer a full range of services required to transform raw materials into precise steel framing products and prefabricated homes. We sell these finished products either to businesses or directly to customers. The finished products and cold-formed-steel members are used in a variety of building types, including residential, commercial, industrial and infrastructure. We hope to transform the construction industry by having our proprietary cold-formed steel-framing technology replace wooden and traditional steel structures.
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and 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. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon current expectations, estimates, projections, and assumptions that, while considered reasonable by Inno and its management, are inherently uncertain; factors that may cause actual results to differ materially from current expectations include, but are not limited to: 1) the outcome of any legal proceedings that may be instituted against Inno or others following the closing of the business combination; 2) Inno's ability to meet the Nasdaq's listing standards following the consummation of the business combination; 3) the risk that the business combination disrupts current plans and operations of Inno as a result of consummation of the business combination; 4) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 5) costs related to the business combination; 6) changes in applicable laws or regulations; 7) the possibility that Inno may be adversely affected by other economic, business and/or competitive factors, including the impacts of the COVID-19 pandemic, geopolitical conflicts, such as the conflict between Russia and Ukraine, the effects of inflation and potential recessionary conditions; 8) Inno's execution of anticipated operational efficiency initiatives, cost reduction measures and financing arrangements; and 9) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's Annual Report on Form 10-K and other documents Inno has filed with the SEC. Although Inno believes the expectations reflected in the forward-looking statements are reasonable, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. There may be additional risks that Inno presently does not know of or that Inno currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements, many of which are beyond Inno's control. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Inno does not undertake, and expressly disclaims, any duty to update these forward-looking statements, except as otherwise required by applicable law.
