Aterian announces 1-for-12 reverse stock split By

© Reuters.

NEW YORK – Aterian, Inc. (NASDAQ:ATER), a technology-enabled consumer products company, has announced a reverse stock split of its common stock at a ratio of 1-for-12, effective with the market opening on March 22, 2024. This strategic move is designed to comply with Nasdaq’s minimum per share price requirement for continued listing.

The reverse stock split was authorized by Aterian’s shareholders on August 11, 2023, which also gave the Board of Directors the authority to set the timing and ratio of the split. With the implementation of the reverse split, every twelve shares of issued common stock will be consolidated into one share. The company’s outstanding common stock will decrease proportionally, while the par value and the authorized shares will remain unchanged.

No fractional shares will be issued as a result of the reverse split. Shareholders who would hold a fractional share will receive a rounded up whole share instead. Adjustments will be made to Aterian’s outstanding warrants, pre-funded warrants, and stock options to reflect the reverse split in both the number of shares convertible or exercisable and the exercise prices.

Aterian specializes in building and acquiring leading e-commerce brands, offering a variety of consumer products in categories such as home and kitchen appliances, health and wellness, and air quality devices. The company sells its products globally, primarily through major online marketplaces like Amazon (NASDAQ:) and Walmart (NYSE:) in the U.S., as well as through its direct-to-consumer websites.

The reverse stock split will result in a new CUSIP number (02156U200) for Aterian’s common stock, which is expected to begin trading on a split-adjusted basis from March 22, 2024.

The information in this article is based on a press release statement.

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