Enjoei Approves 10-for-1 Reverse Split to Stay Listed
BRAZIL · MARKETS
Key Facts
- —The vote Enjoei shareholders approved a 10-for-1 reverse share split on Tuesday 8 September 2026.
- —Why B3 requires listed shares to trade at or above one real. Enjoei has been below that.
- —The maths 205,017,990 ordinary shares become 20,501,799. The share capital itself does not change.
- —The window Holders have from 9 September to 8 October to adjust their positions into multiples of ten.
- —The date Shares begin trading in grouped form on 9 October 2026.
- —The context Enjoei listed in November 2020 at 10.25 reais. It now trades near 0.77.
A reverse split does not make a company more valuable. It makes its shares expensive enough to stay listed.
Shareholders of the Brazilian marketplace Enjoei approved a 10-for-1 reverse share split on Tuesday 8 September 2026. The company acted after B3 told it to fix a share price below one real.
The Rule Behind It
B3’s issuer regulation requires listed securities to trade at or above one real. That is Article 46.
Article 47 defines the breach: a closing price below one real for 30 consecutive trading sessions.
Article 48 then requires B3 to notify the issuer and give it at least six months to act.
Enjoei said it intends to take the steps needed for its shares to return to the minimum price B3 requires.
What Happens to Shareholders
The adjustment window opened on Wednesday 9 September and closes on Thursday 8 October. Shares begin trading grouped on Friday 9 October.
During that window holders can buy or sell on B3 or privately to reach a multiple of ten.
Fractions left after 8 October will be grouped, auctioned on the exchange, and the proceeds credited proportionally to the holders concerned.
The legal basis for the grouping is Article 12 of Brazil’s corporations law.
The Business Underneath
Enjoei is a Sao Paulo online marketplace for second-hand goods, founded by Ana Luiza McLaren and Tie de Lima. It began as a blog for selling used clothing.
It listed on B3 on 9 November 2020 at 10.25 reais a share, raising 1.1 billion reais at a valuation near 2 billion. Demand was three times the offer.
The shares now trade near 0.77 reais, about 92 percent below the listing price, with a 52-week range of 0.63 to 1.34.
Second-quarter results, released on 11 August, showed a net loss of 47.6 million reais against 8 million a year earlier. Net revenue rose 24 percent to 60.8 million.
Two one-off items drove the loss: the discontinuation of Elo7, and the settlement of a Sao Paulo municipal services tax dispute in which 18.6 million reais of exposure was settled for 5.7 million.
More: Brazil news in English, every day from The Rio Times.
Frequently Asked Questions
What did Enjoei approve?
A 10-for-1 reverse share split, cutting the share count from 205,017,990 to 20,501,799 without changing the share capital.
Why was it required?
B3 requires listed shares to close at or above one real. A close below that for 30 consecutive sessions puts an issuer in breach.
What must shareholders do?
Adjust holdings into multiples of ten between 9 September and 8 October. Leftover fractions are auctioned and the proceeds credited.
When do the new shares trade?
From Friday 9 October 2026.
Sources: B3 Regulamento de Emissores, ADVFN, InfoMoney, Money Times, Seu Dinheiro.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
Read More from The Rio Times