Kustom Sets October 1 Trading Date for 1-for-10 Reverse Split

Kustom Entertainment said it will carry out a 1-for-10 reverse stock split, with shares expected to begin trading on a split-adjusted basis on Nasdaq on October 1. The stock will receive a new CUSIP number, 25382T705.

The company said the move is intended to raise its share price enough to meet Nasdaq’s $1 minimum bid-price requirement for continued listing. Kustom’s board approved the split on September 18.

The company reported 6,506,860 common shares outstanding before the split and expects 650,686 afterward, subject to adjustments for fractional shares. Authorized common shares will decrease from 13,333,333 to 1,333,334; authorized preferred shares will not change.

Stockholders with paper certificates will receive instructions from transfer agent Nevada Agency and Transfer Company. Holders whose shares are in book-entry form or brokerage accounts do not need to take action.

As of 13:36 UTC on September 29, KUST traded at $0.5299, down 15.45% from the previous close.