Nightculture Inc.'s board and controlling shareholders approved a 1-for-2 million reverse split of the company's common stock.
The record and effective date of the proposed reverse stock split is Feb. 23, the company said Feb. 7.
On the record date, the shareholdings of all holders of less than 2 million common shares will be automatically terminated and, in lieu of receiving fractional shares, those shareholders will be entitled to receive a cash payment in the amount of 0.125 cent per pre-reverse split share of common stock held by those shareholders.
The company's stock is expected to be removed from trading on the OTC Markets following the reverse split.
