LuxUrban Hotels executes a reverse stock split and gains approval to issue more shares to meet Nasdaq requirements.

LuxUrban Hotels, a company that leases and manages hotels, announced a one-for-seventy reverse stock split to improve its standing on Nasdaq and prepare for future growth. This will reduce the number of outstanding shares from 151.85 million to 2.17 million. Stockholders also approved waiving a share limitation, allowing LuxUrban to issue more shares as needed, ensuring compliance with Nasdaq rules.