I have just received a response from Investor relations re: Clarity around the 38-1 reverse split decision which I sent 9 days ago, very brief response but an answer never the less.
Question: Dear Charles Youakim, Firstly congratulations to you and your team for the turn around in the financial performance over the last 12 months. I'm looking forward to seeing this trend continue in the near future. I'm a current shareholder of your company and would like to know the methodology to the 38-1 split. The stock was thinly traded before the split and now has significantly reduced total shares on issue and will give even less trading liquidity.
Answer: Thanks for your email. In order to list on the Nasdaq in the US, we are required to have a higher share price. Therefore, we had to do a reverse split. We were advised that we should target a price in the mid-teens (US).
SZL Price at posting:
$22.00 Sentiment: Buy Disclosure: Held
