Data security firm, LandStar announced a 1:750 reverse stock split in addition to a ticker changed to OTC Pink:ATDS.
LandStar (OTC Pink:LDSR) cybersecurity company has announced that it is undergoing a reverse stock split. As of October 16, a 1:750 split will come into effect where 750 shares will be equivalent to one outstanding share, with no change of par value. LandStar also announced that it will change its name to Data443 Risk Mitigation, with a ticker change to OTC Pink: ATDS.
As quoted in the press release:
Additionally, the Company announced a 1:750 reverse split of its outstanding common stock. The reverse stock split will become effective October 16, 2019 (the “Effective Date”). The company’s common stock is expected to begin trading on a split-adjusted basis when the markets open on October 16, 2019 under the trading symbol “LDSRD”. The new CUSIP number following the reverse split will be 23804G104.
Every 750 shares of the Company’s issued and outstanding common stock were automatically converted into one issued and outstanding share of common stock, with no change in par value per share. As a result, each stockholder’s percentage ownership interest and proportional voting power remains unchanged and the rights and privileges of the holders of the Company’s common stock are unaffected. Stockholders are not required to take any action. (Example: in a 1-for-750 reverse split, a shareholder that held 75,000 shares at $0.01 per share, for a total value of $750, will now own 100 shares, or 1/750 the number of shares as previously, at a value of $7.50 per share, or 750 times the pre-split price, for the same total value of $750.)