VCI Global announces 1-for-49 reverse stock split

VCI Global (VCIG) announced the approved 1-for-49 stock split of the Company’s common stock with no par value, effective at 12:01 a.m. Eastern Time on 5 November, 2024. VCI Global’s common stock will continue to be traded on the Nasdaq Capital Market on a split-adjusted basis beginning on 5 November, 2024, under the Company’s existing trading symbol “VCIG” with the new CUSIP number G98218 202. The Reverse Stock Split is primarily intended to increase the market price per share of the Company’s common stock to regain compliance with the minimum bid price required for continued listing on the Nasdaq Capital Market. The Reverse Stock Split will reduce the number of shares of common stock issued and outstanding from approximately 202.2 million to approximately 4.0 million. No fractional shares will be issued in connection with the Reverse Stock Split. Any amount of fractional shares will be rounded up to the next nearest number at the participant level.