PowerBank Corporation is seeking shareholder approval for a reverse split of its common shares at a ratio between 1-for-10 and 1-for-30. The proposal aims to help the company regain compliance with Nasdaq's minimum bid price requirement of US$1.00 per share.
Nasdaq granted PowerBank an additional 180-day compliance period, through March 28, 2027.
Shareholders will vote at a special meeting scheduled for October 29, 2026. Approval would not automatically trigger the split. The board would have discretion to implement it and choose the exact ratio.
The proposal follows a notice from Nasdaq that PowerBank was not complying with its minimum bid price rule.