Cosmos Health Sets 1-for-20 Reverse Stock Split, Effective Nov. 12

Cosmos Health Inc. (Nasdaq: COSM) will carry out a 1-for-20 reverse stock split effective Nov. 12, the company said in an 8-K filed Tuesday.

The Board of Directors approved the ratio on Oct. 27, using discretionary authority that shareholders granted at the company's annual meeting. On Nov. 9, the company filed a Certificate of Amendment with the Nevada Secretary of State. The amendment takes effect at 4 p.m. local time on Nov. 12.

Under the split, every 20 shares of common stock will be combined into one share. The company is keeping its authorized common stock at 1,500,000,000 shares and its preferred stock at 300,000,000 shares.

What the split means for holders

The company had about 100.6 million common shares outstanding as of Aug. 18, according to company figures. At a 1-for-20 ratio, that count would fall to about 5.03 million shares.

The last close before the filing was $0.27 on Nov. 9. Using the August share count, the company's market capitalization was about $27.2 million.

Filing details

The 8-K also lists Item 3.03 on material modification of security holders' rights and Item 9.01 on exhibits. The amendment is filed as Exhibit 3.1. George Terzis, chief financial officer, signed the report.