Janover's platform connects over one million annual web users and more than a thousand lenders, including over 10% of U.S. banks, providing various services such as debt capital markets, real estate syndication software, data and AI licensing, and insurance brokerage solutions. Despite maintaining a strong gross profit margin of 98.67%, the company faces profitability challenges with a negative return on equity. Get access to more detailed financial insights and 10 additional ProTips with InvestingPro. Despite maintaining a strong gross profit margin of 98.67%, the company faces profitability challenges with a negative return on equity. Get access to more detailed financial insights and 10 additional ProTips with InvestingPro. The action is aimed at boosting the company's share price to comply with Nasdaq's minimum bid requirement.
The reverse stock split was authorized by Janover's stockholders on November 27, 2024, and the company’s shares will continue to trade on Nasdaq under the ticker symbol JNVR. In connection with the split, a new CUSIP number 47100L 301 will be assigned to the common stock.
As of the effective date, every eight shares of issued and outstanding common stock will be automatically converted into one share, without altering the par value of $0.00001 per share or the total number of authorized shares. The company's outstanding shares will decrease from approximately 11.3 million to about 1.4 million. No fractional shares will be issued; stockholders who would otherwise hold a fraction of a share will be rounded up to the nearest whole share.
Janover anticipates that the reverse stock split will help increase the per-share price of its common stock, a strategic step to regain compliance with Nasdaq's listing standards. Stockholders will be informed about the changes in share ownership by the company's transfer agent, Colonial Stock Transfer Company, Inc.
Janover's platform connects over one million annual web users and more than a thousand lenders, including over 10% of U.S. banks, providing various services such as debt capital markets, real estate syndication software, data and AI licensing, and insurance brokerage solutions.
The company cautions that this press release contains forward-looking statements, which are not guarantees of future performance, and actual results could differ materially from those contemplated by these statements due to a variety of factors, including volatility in interest rates and the regulatory environment.
This news article is based on a press release statement from Janover Inc.
In other recent news, Janover Inc., a loan brokerage firm, has seen significant changes in its corporate governance structure following a recent stockholder vote. The company's stockholders approved an amendment, known as the "Officer Exculpation Amendment," which limits the liability of certain officers, aligning with recent changes in Delaware law. This amendment, recommended by Janover's Board of Directors, was officially filed with the Secretary of State of Delaware recently.
Furthermore, the annual stockholder meeting also resulted in the election of five board members and the ratification of dbbmckennon LLC as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. These developments were approved by a majority of votes from the stockholders.
According to InvestingPro data, Janover Inc. maintains a strong liquidity position with a current ratio of 8.89, indicating its ability to meet short-term obligations. The firm generated revenue of $1.82 million in the last twelve months, boasting a high gross profit margin of 98.67%.
These recent developments are significant for Janover Inc. as they navigate through a challenging period, with the approval of the Officer Exculpation Amendment potentially reducing the exposure of corporate officers to personal liability.
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