FTC Solar, Inc. (NASDAQ: FTCI), a leading provider of solar tracker systems, today announced that it will implement a reverse stock split of its issued and outstanding Common Stock at a ratio of 1-for-10, effective at 5:00 PM Eastern Time on November 29, to satisfy the NASDAQ Capital Market’s minimum $1.00 bid price per share requirement. The reverse stock split will be effected simultaneously for all outstanding shares of the Company’s Common Stock and will affect all of the Company’s stockholders uniformly.
FTC Solar’s Common Stock will continue to trade on the Nasdaq Capital Market under the Company’s existing trading symbol “FTCI” and will begin trading on a split-adjusted basis at the commencement of trading on December 2. The new CUSIP number for the common stock following the reverse split will be: 30320C 301.
The Company’s stockholders previously approved the reverse stock split and granted the Company’s board of directors the authority to determine the final reverse stock split ratio and the split effective time. The Company has filed an amendment to its Amended and Restated Certificate of Incorporation to effect the reverse stock split at the ratio of 1-for-10, effective at 5:00 PM Eastern Time on November 29.
FTCI shares fell two cents, or 5.9%, to 34 cents.