374Water Inc (NASDAQ:SCWO), a provider of organic waste destruction technology and services, on Thursday named its interim president and CEO Stephen Jones as chairperson of the board.
The company also said Jones completed an open market purchase of 450,000 shares of 374Water common stock, with additional purchases by other members of management disclosed in SEC Form 4 filings.
At a special meeting of stockholders this week, shareholders approved an amendment to the company’s certificate of incorporation allowing the board to implement a reverse stock split. The board approved a 1-for-10 reverse split to meet Nasdaq’s minimum bid price requirements and maintain S-3 shelf registration eligibility, which facilitates access to capital markets.
“The approved Reverse Stock Split is intended to maintain our compliance with the minimum bid price requirement for maintaining our listing on the Nasdaq, and to make the bid price more attractive to a broader group of institutional and retail investors,” Jones said.
Jones added that the shareholder approvals “better position our company for the next phase of commercialization” and expressed confidence in 374Water’s Super Critical Water Oxidation (SCWO) technology and Waste Destruction Services business.
Shares of 374Water gained 3.1% on the news on Thursday.