01/10/2025 | Press release | Distributed by Public on 01/10/2025 05:07
Item 3.03 Material Modification to Rights of Security Holders.
As previously disclosed in a Schedule 14C, on November 15, 2024, the majority stockholders of Inspire Veterinary Partners, Inc., a Nevada corporation (the "Company") approved, by written consent in lieu of a special meeting, the granting of the authority to our board of directors (the "Board") to amend the Company's Amended and Restated Articles of Incorporationto effect a reverse stock split of the issued and outstanding shares of the Company's Class A common stock (the "Common Stock"), by a ratio of not less than 1-for-2 and not more than 1-for-50, with the exact ratio to be determined by the Board in its sole discretion.
On January 3, 2025 the Board determined, after reviewing the number of currently issued and outstanding shares of the Company, that it is in the best interests of the Company to effectuate a reverse stock split at a ratio of one-for-twenty-five (1:25) (the "Reverse Stock Split").
The Company is effectuating the Reverse Stock Split in order to raise the per share bid price of the Company's Common Stock above $1.00 per share and bring the Company back into compliance with Nasdaq Listing Rule 5550(a)(2). The Company will have regained compliance once the Company's Common Stock trades at or above $1.00 per share for a minimum of 10 consecutive trading days, at which time Nasdaq will provide the Company with notice that it has regained compliance.