Cepton Inc (NASDAQ:CPTN) told investors that its board of directors has approved a 1-for-10 reverse stock split of its common stock that is expected to become effective on September 21, 2023, at 5pm ET. Its shares are expected to begin trading on a split-adjusted basis on the Nasdaq at the opening of trading on September 22 under the existing symbol "CPTN" and new CUSIP number 15673X200.
The terms of outstanding warrants and equity-based awards will be adjusted proportionately, the company added in a statement.