Healthcare technology company Global Unicorn Holdings, Inc. will become a privately held company, effective May 31.
The Lindon, Utah-based company said transactions have been reported on just 18 days during 2019, with the stock trading between a low of 1 cent and a high of 2.5 cents.
"This thin volume means that the share price, even at the low levels at which the stock has been trading, is somewhat illusory — if any stockholder attempted to sell a significant number of shares, it would likely cause the share price to plummet significantly below even past trading minimums," the company said in a May 30 press release. "Therefore, the supposed benefit of liquidity to being a public company has not been realized."
The company's shares trade on the PINK market.
Global Unicorn said Chairman and CEO Vaughn Cook will be the only stockholder following a 1 for 12,500,000 reverse stock split. Cook owns about 25.8 million, or 40.5%, of the 63.8 million outstanding shares. The reverse stock split has been approved by a majority of disinterested directors and stockholders.
Global Unicorn, formerly known as Zyto Corporation, will issue a certificate for each pre-reverse split share to people who own less than 12.5 million shares. The certificate can be redeemed at $0.015 each or combined with other such certificates to form one whole share until March 31, 2020.
The company provides biocommunication hardware and software applications that include obtaining and analyzing galvanic skin response data from the human body.