The board **has decided NOT to proceed** with the previously approved reverse stock split.
Shareholders had authorized a reverse split between **1-for-5 and 1-for-20** at the June 23, 2026 annual meeting, leaving the exact ratio and timing up to the board.
On **July 6, 2026**, the board reviewed the situation and concluded that implementing the reverse split **is not in the best interests of the company or its shareholders**.
The authority to perform the reverse split **expires on July 31, 2026** and will simply lapse unused. No amendment to the company’s charter will be filed.
If the company wants to do a reverse split in the future, it will have to **obtain new shareholder approval**.