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Today, New Liberty shares began trading on the Nasdaq using the same tickers previously held by Old Liberty, following a court-sanctioned share issuance scheme that led to Old Liberty’s delisting on November 22. The transition saw over 388 million shares distributed across three classes to shareholders of Old Liberty, adhering to an exemption from registration requirements.
Key executives, including Michael T. Fries, have retained their positions in the newly formed company, with director terms established until 2026. The biographies of these executives remain accessible through prior SEC filings and online resources. In addition, New Liberty has executed equity award conversions for outstanding awards under Old Liberty’s incentive plans into New Liberty’s stock, preserving the original conditions of these awards.
Moreover, New Liberty has put indemnification agreements in place to shield its directors and officers from any liabilities related to their roles during this corporate transition.
In related news, PetVivo Holdings has filed an appeal today with the Hearings Panel in an effort to reverse the Nasdaq’s delisting decision. This action comes after PetVivo was notified on Thursday last week that it had not met the minimum stockholders’ equity requirement as per Listing Rule 5550(b)(1), which was reflected in its recent Form 10-Q filing. PetVivo’s securities remain active on The Nasdaq Capital Market despite concerns over delisting. If the panel does not intervene by Tuesday, November 28, PetVivo will face security suspension and commencement of delisting procedures.
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