Nexia Holdings Inc announced that it will effect a 1-for-100 reverse split as result of complaints that many long time investors, shareholders and employees are unable to trade Nexia's stock as result of no bid being reflected in the security.
The reverse split will reduce the authorized shares from 50 Billion to 500 Million shares. The effective date of the split is yet to be determined, and will be announced as soon as it is confirmed. Further adjustments to the authorized shares may need to be made via shareholder action, which will be disclosed in a Schedule 14C to be filed with the sec.
Richard Surber, CEO of Nexia, stated, "I have agonized over the reverse split option and decided that there are no better options. I recently watched a Disney film called 'Meet the Robinson's' with my six-year old niece.
In the film, a young orphan becomes a very successful scientist and entrepreneur. After failing many times to perfect certain inventions.
He is given sage advice by other scientist, 'Keep moving forward.' Although a reverse split may appear to be a step backward, we believe by taking one step back, we can make two steps forward."
"Nexia will be like the orphan that becomes a fantastic success only if our team keeps moving the company forward. Nexia has made tremendous progress over the last 12 months.
It is unfortunate that Nexia has been unable to get the traction needed to maintain a respectable market capitalization.
Source at Fibre2fashion.com
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