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Li Bang International plans 1-for-100 reverse stock split
Li Bang International Corporation Inc. (NASDAQ:LBGJ) announced a 1-for-100 reverse stock split of its ordinary shares, effective upon market open on Thursday, to regain compliance with Nasdaq’s minimum bid price requirement. The company’s stock currently trades at $0.02, having dropped 98% in the past six months. This action, approved by shareholders and the board, will consolidate every 100 existing shares into one, without altering shareholders’ percentage interest except for fractional share adjustments.