Stockholder‑approved 1‑for‑6 reverse stock split, reducing outstanding shares from ~38.3 million to ~6.4 million, effective June 11‑12, 2026.
Split intended to bring the company back into compliance with Nasdaq’s minimum bid price rule after a notice received on May 11, 2026.
Approximately 99 % of votes at the June 1, 2026 Special Meeting approved an amendment authorizing a split ratio between 1‑for‑2 and 1‑for‑25.
Chairman and CEO James Li highlighted the added flexibility and indicated ongoing evaluation of other capital‑market measures; definitive proxy filed with SEC on May 21, 2026.
Shares dropped about 9 % in pre‑market trading on June 5, 2026 following the announcement.
