Why Nova Lifestyle Shares Are Surging Today

Nova Lifestyle Inc NVFY has completed a one-for-five reverse stock split.
On May 22, 2023, the company filed a certificate of change pursuant to NRS 78.209 with the Nevada Secretary of State to effect the reverse stock split.
As a result of the reverse stock split, every 5 shares of the company's issued and outstanding immediately before filing the Certificate of Change was consolidated into one issued and outstanding share.
All stockholders who would be entitled to receive fractional shares due to the reverse stock split received one whole share for their fractional share interest.
The stock will begin trading on a split-adjusted basis starting May 24, 2023.
The certificate of change also decreased the number of authorized shares of the company's common stock from 15 million to 3 million.
Price Action: NVFY shares are trading higher by 26% at $0.61 on the last check Tuesday.