On the 7th of December, the company announced an extraordinary meeting to vote on a reverse stock split in order to regain compliance with the NASDAQ listing requirement. Kalera was expected to hold a crucial shareholder vote on a potential reverse stock split in order to regain compliance with the NASDAQ listing requirements after having received a de-listing notice only weeks ago. The second semester has been a roller coast for Kalera as the company has put efforts into decreasing its monthly cash-burn rate and accelerating its path to profitability but the two catastrophic performances in the second quarter and the third quarter led its stock to decrease to trade around 10-12 cents a share (far below the USD 1.00 a shared requirement).
“The Board of Directors advises shareholders to vote FOR the reverse stock split proposal and FOR the adjournment proposal, where necessary, to help ensure that the share price of our ordinary shares fulfills the continuing listing criteria of the Nasdaq Capital Market.” Commented Curtis McWilliams, chairman of the board prior to the meeting, “non-compliance with Nasdaq listing requirements will result in our shares being delisted from Nasdaq, which we anticipate would result in diminished liquidity for our shareholders and limited access to capital to carry out our strategic expansion goal.”
The Reverse stock split is a 100-for-1 sending its price per share at USD 9.60 a share in pre-market on Friday 23rd December 2022. In order to regain compliance with the NASDAQ requirement they will need to hold the share price above USD 1.00 a share for 10 consecutive business days.