Top King adopts 1-for-5 reverse stock split, targets completion by November 23
Key Facts
Top King Holdings’ management approved a 1-for-5 reverse stock split on Tuesday and is working to complete it by November 23, 2026, or as soon as possible thereafter, according to an Investing.com report. The decision followed the New York Stock Exchange’s suspension of trading in the stock on November 10 at 11:38:25 a.m. U.S. Eastern Time. The exchange listed the reason for the suspension as “regulatory concerns.” The report said trading would remain suspended until the reverse split is implemented. This ties the resumption of trading to completion of the measure chosen by the board, according to the report.
The Investing.com report linked the suspension to the company’s failure to meet the exchange’s continued listing standards. It said the exchange had notified the company that its shares had traded at a low per-share price for an extended period. The notice was based on Section 1003(f)(v) of the New York Stock Exchange Company Manual, according to the report. This regulatory framework sets out the basis for the action that led to the trading suspension. The split approved by the board combines every 5 outstanding shares into 1 share, in line with the ratio announced in the report.
At the company’s annual meeting on September 8, shareholders had authorized the board to carry out one or more reverse stock splits at ratios ranging from 1-for-2 to 1-for-900, with that authorization expiring on August 24, 2029. The authorization stipulated that the combined effect of any splits could not exceed 1-for-900. The board has now selected a specific ratio of 1-for-5 from the broader range previously approved by shareholders. The authorization proposal received 15,657,330 votes in favor, 55,377 votes against and 4 abstentions. A total of 15,712,711 shares were present or represented at the meeting, equal to about 63.61% of the 24,700,000 shares entitled to vote.
Shareholders at the same meeting also approved an increase in the number of authorized common shares from 300,000,000 to 1,000,000,000. That decision forms part of the capital structure approved by shareholders, while the board later set the reverse split ratio it is seeking to implement. In EL7’s daily price data, TOPP closed at $0.108 on November 10, and the same closing price appeared in the November 11 data. The data also showed a close of $0.114 on November 9 and $0.1134 on November 6. The available data do not confirm the high or low price during the November 11 session.
For the first half ended June 30, 2026, the company reported revenue of $8,747,011, up 12% from $7,780,534 in the same period a year earlier. The first-half loss narrowed to $960,443, compared with a loss of $2,059,997 a year earlier. In its second-quarter results published in August, the company said revenue rose 17% year over year to $4.6 million and net loss fell 80% to $306,711 from $1,531,523. Cash available stood at $4,698,480 on June 30, compared with $1,202,395 on December 31, 2025. However, it recorded net cash used in operating activities of $918,415 during the six months ended in June.
Top King describes its business as providing trucking services and solutions, with a focus on the supply chain associated with recycling exports. The Investing.com report set November 23, 2026, as the target date for completing the split, while allowing for completion as soon as possible thereafter. The company said its common stock, which trades under the ticker TOPP, would remain suspended from trading until the reverse split is implemented. Trading remains suspended until then, according to the report. The next announced step centers on completing the split within the company’s target timeframe.