Why did the symbol change?

Changing the name or symbol of the company due to wanting to customize the organization to be more responsive to the company's operations, such as changing the name or symbol to meet the needs of existing products and products that will be implemented in the future. or when corporate actions occur, whether it is a merger or acquisition etc., which resulted in the company having to change its name and symbol to better reflect the company's business focus to suit and cover its operations.

Changing the name or symbol in response to internal operations but will not have much impact on shareholders. This is because the Company's common shares are still being traded on the stock exchange. But if it is a merger or acquisition of another company, it will affect shareholders because the shares must be delisted from the stock exchange. This makes shareholders unable to hold those shares for the expected period of time and also affects the price of the shares they hold.

Reason for changing symbols

1. Rebranding

- Rebranding is a strategy often chosen by companies to adjust their corporate image to appear more modern, versatile, and to attract a diverse customer base. It may also be used to emphasize the company's core business focus and values.

2. M&A

- Mergers and Acquisitions (M&A) In the case of mergers, the creation of a new company may necessitate a change in name and symbol. Whether the original name is retained in the case of an acquisition depends on the decision of the acquiring party. However, the primary goal is to make the company's operations more agile and adaptable.

Many companies have changed their names and symbols to create a better image and product.

Example :

• BitNile Metaverse, Inc. (BNMV) it will change its name to RiskOn International, Inc.(ROI). The Company’s common stock will commence trading on November 1, 2023.
• Facebook, Inc.(FB) has changed its name to Meta Platforms, Inc., (MVRS) to expand its products into the metaverse, effective December 1, 2021.