HONG KONG - Infobird Co., Ltd (NASDAQ: IFBD), a provider of AI-powered customer engagement solutions, has postponed the effective date of its planned reverse stock split to Monday, March 4, 2024.
The adjustment comes as the company faces unexpected regulatory clearance delays. The reverse stock split was initially scheduled to take effect after the market closed today, with shares expected to trade on a split-adjusted basis starting Tuesday.
The company, which specializes in software-as-a-service (SaaS) with an emphasis on artificial intelligence (AI) capabilities, has not detailed the specific regulatory hurdles that led to the postponement. Infobird's ordinary shares will now begin trading on a split-adjusted basis when the market opens on the newly scheduled date.
This delay in the reverse stock split process is a deviation from the timeline Infobird had previously communicated to its shareholders and the public. Investors and market watchers anticipate that the trading on a split-adjusted basis will commence without further delays following the revised effective date.
Infobird has made a name for itself in the tech sector by offering innovative customer engagement solutions that leverage AI technology. The company's services are designed to enhance the customer service experience through automation and data analysis.
The decision to implement a reverse stock split is often made by companies seeking to increase the per-share trading price of their stock, potentially making it more attractive to investors. However, such corporate actions require careful coordination and compliance with regulatory requirements.
Infobird's announcement is based on a press release statement and provides an update to the market and its shareholders on the new timeline for the reverse stock split. The company has not issued any new forward-looking statements in relation to this change of schedule.
Investors in Infobird and market analysts will be monitoring the situation closely to gauge the impact of this regulatory delay on the company's stock performance and market position.
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