Taking action to regain compliance and reduce authorized shares

  • Society Pass announces 1-for-15 reverse stock split
  • Board of directors approves the reverse split
  • Shares expected to trade on a post-split basis starting May 1
  • Reverse split aims to regain compliance with Nasdaq listing rules
  • Number of authorized shares will be reduced by the same ratio
  • Society Pass shares have fallen 85% in the last 12 months

Society Pass has announced a 1-for-15 reverse stock split of its common stock in order to maintain its listing on the Nasdaq. The company’s board of directors has approved the reverse split, which is expected to take effect on May 1. This move is aimed at regaining compliance with Nasdaq listing rules before the May 20 deadline. Additionally, the reverse split will also result in a reduction of the number of authorized shares by the same ratio. Society Pass shares have experienced a significant decline of 85% over the past year.

Factuality Level: 8
Factuality Justification: The article provides a straightforward report on Society Pass initiating a 1-for-15 reverse stock split to regain compliance with Nasdaq listing rules. It includes relevant details such as the reason for the split, the date it will take effect, and the impact on authorized shares. The article does not contain any obvious misinformation, sensationalism, bias, or irrelevant information.
Noise Level: 3
Noise Justification: The article provides relevant information about Society Pass initiating a reverse stock split to regain compliance with Nasdaq listing rules. It includes details about the ratio of the split and the reason behind it. However, the article lacks in-depth analysis, antifragility considerations, and accountability aspects. It stays on topic and supports its claims with specific examples.
Financial Relevance: Yes
Financial Markets Impacted: Nasdaq
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The news article pertains to a financial topic as it discusses a reverse stock split by Society Pass. The reverse stock split aims to regain compliance with Nasdaq listing rules. However, there is no mention of an extreme event or its impact in the article.
Public Companies: Society Pass (N/A)
Key People: Sabela Ojea (N/A)

Reported publicly: www.marketwatch.com