Workhorse Group Inc WKHS shares are trading lower Wednesday after the company announced a reverse stock split.

What Happened: Workhorse announced that it will effect a 1-for-12.5 reverse stock split of its common stock in an effort to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq.

The company has until March 31 to regain compliance with Nasdaq rules, which require Nasdaq-listed companies to maintain a minimum closing bid price of $1 per share for at least ten consecutive trading days.

Every 12.5 shares of the company’s common stock will be automatically combined into one share of common stock. Fractional shares resulting from the reverse split will be rounded up to the nearest whole share.

Workhorse shares will begin trading on a split-adjusted basis on March 17. The company’s common stock will continue to trade on the Nasdaq under the ticker symbol “WKHS.”

Workhorse is due to report fourth-quarter financial results sometime later this month. Analysts currently expect the company to report a loss of 42 cents per share and revenue of $3.1 million, according to estimates from Benzinga Pro.

WKHS Price Action: Workhorse shares are down nearly 95% over a one-year period. The stock was down 17.6%, trading at 30 cents at the time of publication, per Benzinga Pro.

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MENLO PARK, Calif., Feb. 13, 2025 /PRNewswire/ — Cyngn Inc. (the “Company” or “Cyngn”) CYN today announced that it will proceed with a 1-for-150 reverse stock split (“Reverse Stock Split”) of its outstanding shares of Common Stock following approval by its Board of Directors. This ratio is within the ratio range approved by stockholders at the Company’s special stockholder meeting held on January 30, 2025.

Cyngn expects the Company’s Common Stock will begin trading on a post-split basis at the market open on February 18, 2025, and continue to be traded under the symbol “CYN” with a new CUSIP number 23257B 305. The primary objective of the Reverse Stock Split is to increase the per share market price of the Common Stock to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market and maintain the listing of its common stock on the Nasdaq Capital Market.

When the Reverse Stock Split is effective, every 150 shares of Cyngn Common Stock issued and outstanding will be combined automatically into 1 share of Common Stock. The Reverse Stock Split will apply equally to all outstanding shares of Common Stock and each stockholder will hold the same percentage Common Stock outstanding immediately following the Reverse Stock Split, except for adjustments that may result from the treatment of fractional shares. No fractional shares shall be issued in connection with the Reverse Stock Split. In lieu thereof, if, upon aggregating all of the shares of Common Stock held by a record holder of Common Stock immediately following the Reverse Stock Split such holder would otherwise be entitled to a fractional share of Common Stock, as a result of the Reverse Stock Split, the Company shall issue to such holder an additional fraction of a share of Common Stock as is necessary to round the number of shares of Common Stock, held by such holder up to the nearest whole share. The Company does not intend to round up fractional shares at the beneficial level and will instead round any such fractional shares up at the participant level. All equity awards and warrants outstanding immediately prior to the Reverse Stock Split will be proportionately adjusted to reflect the Reverse Stock Split.

Continental Stock Transfer and Trust is acting as the exchange agent and transfer agent for the Reverse Stock Split. Stockholders holding their shares electronically in book-entry form are not required to take any action to receive post-split shares. The Company does not have any outstanding certificated shares.

Additional information about the Reverse Stock Split can be found in Cyngn’s definitive proxy statement (Form DEF 14A) filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 6, 2025 and on Cyngn’s Investor Relations website at investors@cyngn.com.

About Cyngn

Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn’s self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand from eCommerce.

Cyngn’s DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.

Cyngn’s flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).

Where to Find Cyngn

Investor Contact:
Don Alvarez
investors@cyngn.com 

Media Contact
Luke Renner
media@cyngn.com 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as “expects,” “anticipates,” “believes,” “will,” “will likely result,” “will continue,” “plans to,” “potential,” “promising,” and similar expressions. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company’s reports to the SEC, including, without limitation the risk factors discussed in the Company’s annual report on Form 10-K filed with the SEC on March 7, 2024. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

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SOURCE Cyngn

TORONTO, Feb. 11, 2025 /CNW/ – The Board of Directors of Economic Investment Trust Limited (“the Company”) EVT today announced that the Company will seek shareholder and regulatory approval for the implementation of a ten-for-one share split of the Company’s issued and outstanding Common Shares, to be effected through an amendment to its articles of continuance. The share split will be subject to the approval of the Company’s shareholders at its annual and special meeting scheduled to be held on April 30, 2025 (the “Meeting”) and to the requirements of the Toronto Stock Exchange (“TSX”).

The Board of Directors believes that the share split will increase investor interest in the Company by bringing the trading price into a more accessible range for retail investors, encouraging a wider distribution of the Common Shares and enhancing liquidity.

If approved by shareholders and the TSX and implemented by the Board of Directors, shareholders will be entitled to ten Common Shares for each Common Share held at a date to be approved by the Board of Directors following shareholder approval.

The dividends of $22.70 and $4.57 per Common Share payable on March 31, 2025 to shareholders of record on March 14, 2025 will not be affected by the proposed share split. If the required approvals are received and the share split is implemented by the Board of Directors, all subsequent dividends declared by the Board of Directors are expected to reflect the proposed share split.

Details regarding the share split will be set out in the management information circular for the Meeting, which will be filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. Shareholders are encouraged to read the management information circular and other relevant materials when they become available.

SOURCE Economic Investment Trust Limited

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HOUSTON, Jan. 28, 2025 /PRNewswire/ — McDermott International, Ltd (“McDermott” or the “Company”) today announced a 125-to-1 share consolidation, also known as a reverse stock split, which will consolidate the number of the Company’s Class A ordinary shares (the “Class A Ordinary Shares”) outstanding as of January 28, 2025, from 3,552,951,586 Class A Ordinary Shares, par value $0.001 per ordinary share, to approximately 28,423,613 Class A Ordinary Shares, par value $0.125 per ordinary share.

The specific ratio was determined by the Company’s Board of Directors with reference to the Company’s share price at the close of trading on January 16, 2025, and is within the range approved by the Company’s members at a special general meeting held on December 2, 2024. The Company expects that the Class A Ordinary Shares will begin trading on a share consolidation-adjusted basis on January 29, 2025.

For a period of 20 business days, the Company’s Class A Ordinary Shares will trade under the symbol MCDID. After this 20 business day period, the Company’s Class A Ordinary Shares will resume trading under the symbol MCDIF.

The share consolidation follows the redemption and exchange of all of the Company’s outstanding Series A preference shares into Class A Ordinary Shares. As a result of the share consolidation, every 125 Class A Ordinary Shares will automatically be combined into one Class A Ordinary Share. The share consolidation will be effected simultaneously for all Class A Ordinary Shares without any action on the part of members. The share consolidation will uniformly affect all of the holders of the Class A Ordinary Shares and will not affect any member’s percentage ownership interests in the Company, except for minor changes to the extent that the share consolidation would result in any of the members owning a fractional share, which is permitted under Bermuda law.

About McDermott

McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

Forward-Looking Statements

The information and statements included herein includes forward-looking statements, including statements regarding the benefits of the share consolidation discussed herein on the Company’s long-term strategy and the anticipated timing of the effectiveness and completion of the share consolidation. These forward-looking statements may be, but are not necessarily, identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” and similar expressions. Such statements reflect the current views and assumptions of the Company and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. These risks include, but are not limited to, risks relating to the volatility of the market price of the Class A Ordinary Shares and general market and economic conditions. The Company undertakes no obligation to update or revise the forward-looking statements included herein, whether as a result of new information, future events, or otherwise. The Company’s capital structure, stock price and liquidity and actual results, performance, or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements.

Contacts:

Global Media Relations
Reba Reid
Senior Director, Global Communications and Marketing
+1 281 588 5636
RReid@McDermott.com

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SOURCE McDermott International, Ltd

XTI Aerospace Inc. XTIA shares are trading higher Tuesday after the company announced its 2025 strategic initiatives aimed at strengthening its leadership in the VTOL (Vertical Take-Off and Landing) and powered-lift aircraft markets.

What To Know: XTI Aerospace revealed plans for a 1-for-250 reverse stock split, which is set to take effect on Jan. 10, 2025. The reverse split, approved by shareholders during XTI’s 2024 Annual Meeting on Dec. 27, 2024, will consolidate every 250 shares of common stock into a single share. The stock will trade under the adjusted CUSIP number 98423K405.

Fractional shares resulting from the split will be rounded up to the nearest whole share and authorized shares and par value per share will remain unchanged. This consolidation is intended to boost XTI’s stock price to meet Nasdaq’s minimum bid price requirement and position the company for long-term growth.

Chairman and CEO Scott Pomeroy described the share consolidation as a necessary step to support the company’s broader initiatives and capitalize on the FAA’s recognition of the powered-lift category. He emphasized that this development marks a transformative era for the aviation industry, with XTI aiming to solidify its role as a leader in VTOL and powered-lift innovation.

XTI also highlighted its progress in 2024, including improvements to its balance sheet and capital structure. The company stated these changes have created a more stable financial platform to pursue strategic acquisitions, raise additional capital and expand its technological and market footprint.

The company reiterated its focus on the TriFan 600, its flagship product and its plans to leverage growth opportunities within the powered-lift market. XTI stated that it is building a comprehensive foundation to accelerate its development efforts and establish itself as a global leader in aviation.

XTIA Price Action: XTI Aerospace shares closed Tuesday up 29.66% at 11 cents, according to Benzinga Pro.

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Photo Credits: Courtesy of XTI Aerospace, Inc.

Peter Lynch, legendary investor and former manager of Fidelity’s Magellan Fund, continues to inspire investors with his timeless principles.

What Happened: Lynch, who achieved a remarkable 29% compound annual return during the 1980s, shared key investment lessons in a 1997 speech that remain relevant today. His insights are a roadmap for navigating market fluctuations and identifying opportunities.

Lynch has emphasized that stock prices can defy expectations. Stocks can always go higher, he explained, particularly if the fundamentals of the underlying business are solid.

He warned against selling a rising stock purely because it seems overvalued, though he acknowledged the risks of inflated valuations. Short-term market sentiment, not fundamentals, often drives price movements.

“If a stock goes higher, especially if it’s a high-flying stock without the earnings to back it up, investors may think it couldn’t possibly go higher. If the fundamentals of the business are great, with sales and profits expanding, then the stock could still continue to rise higher, as the market’s short-term movements are often driven by sentiment, not reality,” Lynch said.

“The fact that a stock has gone higher is not a reason to sell in and of itself, though don’t forget that overvalued stocks are risky,” he further added.

Also Read: Investment Guru Peter Lynch: ‘If You Can’t Explain To An 11-Year-Old In 2 Minutes Or Less Why You Own The Stock, You Shouldn’t Own It’

Another critical point Lynch made is that a stock price decline doesn’t necessarily mean the investor was wrong. Short-term volatility doesn’t dictate the validity of a well-researched investment decision.

Lynch noted, “The average movement of a stock on the New York Stock Exchange this century has been 50% between its high and low.” Even strong stocks can experience significant temporary declines.

“The short-term movements of a stock price don’t determine whether you are right or wrong. Investing success cannot be determined by the initial outcome alone,” he added.

Lynch also reminded investors of the inherent risk in stock investing. He dispelled the myth that cheap stocks are inherently safer, pointing out that the potential loss is the same regardless of the stock’s initial price if it collapses entirely.

“Many people often forget that when investing, you can always lose what you have invested, even if a stock is cheap,” he said.

Lynch highlighted the importance of thorough research. He said that the person who turns over the most rocks wins, encouraging investors to scrutinize a broad range of companies to uncover mispriced opportunities.

If you look at 10 companies you will find one which is mispriced. If you look at 20 you will find two. The person who turns over the most rocks wins,” Lynch added.

Why It Matters: These principles, rooted in decades of experience, provide valuable guidance for investors navigating today’s dynamic markets.

By focusing on fundamentals, avoiding emotional decisions, and committing to rigorous analysis, Lynch’s approach underscores the keys to long-term success.

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Investment Guru Peter Lynch: ‘Often Great Investments Are The Ones Where Everyone Else Will Think You Are Crazy’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Siyata Mobile Inc. SYTA shares are trading higher on Friday, possibly following the company’s announcement of a 1-for-10 reverse stock split on Tuesday.

What To Know: The move is aimed at maintaining compliance with Nasdaq’s $1 minimum bid price requirement. The reverse stock split will be effective on Dec. 27, 2024, with trading on a post-split basis commencing the same day under the ticker symbol “SYTA.”

The reverse stock split consolidates every 10 existing shares into one new share. Outstanding stock options, warrants and other convertible securities will also be adjusted to reflect the new ratio. No fractional shares will be issued, with fractions rounded up to the nearest whole number.

Siyata, a global provider of Push-to-Talk over Cellular devices and cellular signal boosters, clarified that the split does not affect the par value or authorized number of shares. The transfer agent, Computershare, will handle the exchange process for registered shareholders. Those holding shares electronically or through brokers will have their positions adjusted automatically.

Despite the stock price jump, the company warned there is no guarantee it will maintain compliance with the minimum bid price requirement after the split.

SYTA Price Action: Siyata Mobile shares were up 23.62% at $6.43 at publication Friday, according to Benzinga Pro.

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