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Mainz Biomed NV has declared a 1-for-40 reverse stock split effective December 3, 2024, as part of efforts to meet the minimum bid price for continued listing on the Nasdaq. This adjustment will decrease the total number of outstanding shares from 80.1 million to about 2.0 million, with the goal of boosting the market price per share. Although the total number of shares will significantly drop, the percentage of ownership and voting rights for existing shareholders will largely remain the same. This action follows a notification from Nasdaq that Mainz Biomed was below the required minimum bid price and shareholders' equity thresholds. In response, Mainz Biomed is set to file an appeal with Nasdaq to retain its listing while it works towards compliance.
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