ETHZilla Announces Reverse Stock Split to Reduce Shares

According to Foresight News, U.S. stock market-listed ETH treasury company ETHZilla has announced a reverse stock split at a ratio of 1-for-10. Following the split, every 10 shares of issued common stock will be consolidated into one share. The trading symbols for the company's common stock and public warrants will remain unchanged as "ETHZ" and "ETHZW".This reverse stock split will reduce the number of issued common shares from approximately 160 million to about 16 million, although the final number may vary before the split takes effect. All issued common shares will be subject to this adjustment. Outstanding options, warrants, and other securities that entitle holders to purchase or otherwise acquire common stock will be adjusted according to their respective terms. The number of shares available under the company's equity incentive plans will also be adjusted accordingly.The par value of the common stock will remain unchanged at $0.0001 per share after the reverse split. The authorized number of common and preferred shares will not be affected by this action. No fractional shares will be issued in the reverse split; instead, shareholders entitled to fractional shares will receive a cash payment based on the closing price of the common stock on the trading day before the split becomes effective.