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If you already have par value and you want to raise or lower it, things are a bit more complicated. Typically, you can't just make an amendment saying you now have a new par value. Instead, the most common way that corporations change their par value is with a stock split (or reverse stock split).
The number of outstanding shares of Common Stock will be decreased as a result of a Reverse Stock Split, but the number of authorized shares of Common Stock will not be so decreased.
The negative connotation associated with such an act is often self-defeating as the stock is subject to renewed selling pressure. Reverse stock splits are proposed by company management and are subject to consent from the shareholders through their voting rights.
Will the reverse stock split change the par value of the share? Yes, the par value of each share will be increased proportionally to the exchange ratio, i.e. it will be multiplied by 20.
Management of a company might decide to do a forward stock split if they believe the price is relatively "high" or that it is trading outside of an "optimal" range. This decision is made by management based on their subjective views of the historical trading range of the stock and other factors.
Listing Rule 5250(b)(4) will require companies to provide public notice of a reverse split, using a Reg FD-compliant method, no later than p.m. ET at least two business days prior to the proposed market effective date.
Reverse stock splits are proposed by company management and are subject to consent from the shareholders through their voting rights.
When a reverse stock split is executed, a company cancels its current outstanding stock and distributes new shares to its shareholders in proportion to the number of shares they owned before the reverse split.