At a special meeting on Thursday, shareholders of Milwaukee-based Koss Corp. authorized the company's board of directors to increase the total number of shares of common stock from 8.5 million shares to 20 million shares.
The approval of the increase in the number of authorized shares was a condition of the two-for-one forward stock split that was approved by the company's board of directors on Oct. 7, to bring the firm into compliance with Nasdaq's continued listing requirements.
On Sept. 10, Nasdaq notified Koss that it no longer met the 750,000 minimum publicly held shares requirement. The proposed stock split will cause the company's total number of publicly held shares to exceed the 750,000 minimum threshold while maintaining Koss's compliance with Nasdaq's other continued listing requirements. Koss must regain compliance with Nasdaq's listing requirements by Dec. 24.
The forward stock split will be affected in the form of a stock dividend of one share of common stock for each share of common stock outstanding. Koss expects that the stock dividend will be distributed on Dec. 1.
Koss Corp.'s board authorizes stock split
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