Business Context and Reporting Period
This Form 8-K was filed by Reviv3 Procare Company (not Axil Brands, Inc.) on January 12, 2024. The report details a material corporate action involving a reverse stock split approved by the Board of Directors.
Key Financial Metrics
This filing is a current report regarding a capital structure change and does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The filing text does not provide a clear value for any financial performance indicators.
Material Changes
- Reverse Stock Split: The Company implemented a 1-for-20 reverse stock split of its issued common stock.
- Effective Date: The split became effective at 12:01 a.m. Eastern Time on January 16, 2024.
- Share Consolidation: Every 20 shares of issued common stock were automatically combined into 1 share.
- Fractional Shares: Fractional shares resulting from the split were rounded up to the nearest whole share.
- Adjustments: Exercise prices and share counts for equity incentive plans and Series A Preferred Stock conversion provisions were proportionately adjusted.
- Trading Symbol: The stock began trading under the existing symbol "RVIV" with a temporary "D" suffix to signify the split. The new CUSIP is 76151R206.
Guidance, Outlook, and Risks
The filing includes a cautionary note regarding forward-looking statements. Management states that there can be no assurance that the reverse stock split will be successful. The report emphasizes that actual results may differ materially from expectations due to various risks and uncertainties beyond the Company's control. No specific financial guidance or outlook was provided in this document.
Investor Verification Checklist
- Verify the new CUSIP number (76151R206) for post-split trading.
- Confirm the adjustment of fractional shares (rounded up) in brokerage accounts.
- Check the updated exercise prices and share counts for any held equity awards or options.
- Monitor the temporary "D" suffix on the ticker symbol "RVIV" on January 16, 2024.
- Note that this filing does not reflect changes in the Company's authorized share count or par value.