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Savi Financial going ahead with a 1-for-5 reverse stock split

Savi Financial Corp. Inc.'s board approved a 1-for-5 reverse stock split of the company's issued and outstanding common shares, with every five shares of the company's pre-split common shares automatically consolidating into one post-split share.

This move will become effective before the OTC Pink Market opens on Sept. 11, for shareholders of record as of Sept. 10.

The company will have 3.42 million shares outstanding and a book value of $8.75 per share after the reverse stock split, while the fractional shares will be rounded up to the nearest whole number. The ownership of shareholders in the company will not be affected.

Savi Financial is the parent of SaviBank formerly Business Bank.