NZCH Corp. on Feb. 27 effected a reverse stock split of its common shares.
Accordingly, the authorized common shares of the company were reduced from 1.5 billion shares to 3,000 shares.
The company filed a Certificate of Change with Nevada in connection with its plan to go private by combining each group of 500,000 shares into 1 share to lower the number of authorized shares. Consequently, any stockholder owning fewer than 500,000 pre-split shares as of Feb. 27 no longer has an equity interest in NZCH and is only entitled to receive the cash payment of 2 cents multiplied by the number of pre-split shares owned.
As a result of the reverse stock split, HRG Group Inc. is now the sole stockholder of NZCH.