Net Element Announces Reverse Stock Split Effective October 5, 2017

Net Element (NASDAQ:NETE) has announced that effective as of 12:01 a.m. EST October 5, the company will effect a one-for-ten reverse stock split of its outstanding common stock.
As quoted in the press release:

The Company’s common stock will open for trading on the NASDAQ Capital Market on October 5, 2017 on a post-split basis.
The Reverse Stock Split is intended to increase the per share trading price of the Company’s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market. When the reverse stock split becomes effective, every ten (10) shares of common stock will automatically convert into one (1) share of common stock with no change in par value per share. This will reduce the number of shares outstanding as of October 3, 2017 from approximately 22,048,974 to approximately 2,204,897. Any fractional shares resulting from the reverse stock split will be rounded up to the next whole share. There is no impact on the actual trading of Net Element’s shares. They will continue to trade on the NASDAQ Capital Market without interruption under the symbol NETE. The new CUSIP number for the common stock following the reverse split will be 64111R300.
Proportional adjustments will be made to Net Element’s outstanding stock options, outstanding warrants and equity-compensation plans. The number of authorized shares of the Company will remain unchanged and the reverse stock split will not affect the common stock capital account on our balance sheet.

Click here to read the full press release.