Gaucho Group Holdings, Inc. Announces Reverse Stock Split

Gaucho Group Holdings, Inc. (NASDAQ:VINO), renowned for its diverse portfolio that includes e-commerce platforms focused on fine wines, luxury real estate, and leather goods, has declared a 1-for-10 reverse stock split of its common stock, effective from May 1, 2024. This decision, approved by the Board of Directors on April 19, 2024, follows the stockholders' approval from a special meeting held on February 29, 2024.

The reverse stock split is aimed at ensuring the company meets the Nasdaq Capital Market's minimum bid price requirements. Upon activation, every 10 current shares will convert into one new share of common stock, maintaining the same rights and preferences. Notably, the split-adjusted trading under the ticker "VINO" will commence on the morning of May 1, 2024, retaining the previous CUSIP number 36809R503.

Additionally, all adjustments related to outstanding equity awards and warrants will be proportionately aligned with the new stock configuration. Shareholders will not receive any fractional shares; instead, they will obtain whole shares, avoiding any partial allocations. Detailed instructions for shareholders about the adjustment process will be provided by Continental Stock Transfer and Trust Company, the designated exchange agent for the reverse stock split.

Further details about this corporate action can be accessed in the company's revised definitive proxy statement filed with the SEC on January 22, 2024, available on the SEC and Gaucho Group Holdings websites.