NAPLES, Fla.--(BUSINESS WIRE)--Naples Soap Company, Inc. (OTCQB: NASOD), ("the Company"), a pioneering health and wellness brand that offers premium-quality skin and hair care products, today announced that FINRA has approved a 700-to-1 reverse stock split, effective October 4, 2024. The Company has strategically chosen to execute the reverse split in alignment with its long-term restructuring goals. Following this decision, the stock symbol will change to NASOD and then change back to NASO in 20 days.
The timing of this restructuring reflects Naples Soap Company's intention to navigate market challenges and position itself for future growth while maintaining transparency with its shareholders.
"Our decision on the reverse split was not made lightly," said Deanna Wallin, CEO of Naples Soap Company. "We took a calculated approach to ensure that when we did restructure, it would be at the right time to support the long-term interests of our shareholders. Our goal is to leverage this momentum to bolster our financial performance, with the intent of repositioning Naples Soap Company for future growth."
Naples Soap Company continues to achieve significant milestones in its business operations, including national expansion of its wholesale business, upgrades to its core operating platform to Shopify for POS and Ecommerce, and the development of new product lines utilizing NASA engineered 3D botanical stem cell technology. The Company is committed to delivering value to its customers and shareholders while continuing to pursue its vision of becoming a leader in the natural skincare industry.
About Naples Soap Company
Founded in 2009, Naples Soap Company specializes in creating premium quality products for skin and hair. With a commitment to using only the finest ingredients, the Company has built a loyal customer base that appreciates its dedication to sustainability and wellness.
Forward-Looking Statements
This press release may contain forward-looking statements regarding future events and the future financial performance of Naples Soap Company. These statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties. Actual outcomes and results may differ materially from those expressed in forward-looking statements due to a number of factors, including market conditions and regulatory changes.
Contacts
HANOVER INTERNATIONAL, INC.
Kathy Cusumano
President
E: ka@hanoverintlinc.com
