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Note 2 - Reverse Stock Split
6 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Reverse Stock Split [Text Block]

2. Reverse Stock Split

 

On  October 19, 2020, the Company effected a 1-for-20 reverse stock split of its issued and outstanding shares of common stock, $0.01 par value. The Company effected the reverse stock split pursuant to the Company’s filing of a Certificate of Change  with the Secretary of State of the State of Nevada on September 29, 2020. Under Nevada law, no amendment to the Company’s  Articles of Incorporation was required in connection with the reverse stock split. The Company was authorized to issue 400,000,000 shares of common stock. As a result of the reverse stock split, the Company is authorized to issue 20,000,000 shares of common stock.  As a result of the reverse split, 168,069,305 outstanding shares of the Company’s  common stock were exchanged for approximately 8,421,910 shares of the Company’s  common stock (subject to adjustment due to the effect of rounding fractional shares into whole shares). The reverse stock split did not have any effect on the stated par value of the common stock.   All per share amounts and number of shares in the condensed consolidated financial statements and related notes have been retroactively restated to reflect the reverse stock split.

 

Additionally on October 19, 2020, all options, warrants and other convertible securities of the Company outstanding immediately prior to the reverse stock split will be adjusted by dividing the number of shares of common stock into which the options, warrants and other convertible securities are exercisable or convertible by 20, and multiplying the exercise or conversion price thereof by 20, all in accordance with the terms of the plans, agreements or arrangements governing such options, warrants and other convertible securities and subject to rounding to the nearest whole share.

 

The common stock began trading on a split-adjusted basis on the NASDAQ at the market open on October 19, 2020. The trading symbol for the common stock remains “AXAS”. On July 26, 2021, the Company received a notice from the Nasdaq Stock Market LLC that the Company's common stock would be suspended. The Company's securities will be removed from listing and registration on the Nasdaq Stock Market upon filing of a Form 25-NSE with the SEC. See Note 12 “Subsequent Events” for details.