Tile Shop Holdings, Inc. announced the effective date for previously announced Stock Splits and the voluntary delisting from The Nasdaq Capital Market.
The Board of Directors approved a 1-for-3,000 reverse stock split followed by a 3,000-for-1 forward stock split.
Stockholders holding fewer than 3,000 shares will be paid $6.60 in cash per share, while those with more than 3,000 shares will not receive cash for fractional interests.
Stock Splits Approval
The stockholders approved a 1-for-3,000 reverse stock split followed by a 3,000-for-1 forward stock split.
Delisting Decision
Tile Shop intends to delist its common stock from The Nasdaq Stock Market and deregister it under the Securities Exchange Act of 1934.
Financial Implications
The company anticipates saving over $2.4 million annually by deregistering and delisting its common stock.
- The Stock Splits aim to streamline the company's operations and focus on long-term growth initiatives.
- Delisting from Nasdaq and deregistration under the Exchange Act will reduce reporting costs and administrative burden, allowing more time for strategic initiatives.
Tile Shop's strategic move with the Stock Splits and delisting decision reflects a commitment to efficiency, cost savings, and long-term value creation for its stockholders.