Contextlogic Stock Crashes 16% after Announcing Reverse Stock Split
Tiger Newspress2023-04-12
ContextLogic stock crashes 16% after announcing a 1 for 30 stock split.
The mobile ecommerce platform provider announced that a 1-for-30 reverse split of its Class A common stock will be effective as of 4:01 PM ET on Tuesday. The reverse stock split was approved at an annual meeting of shareholders on Monday.
“The reverse stock split is intended to enable the Company to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Global Select Market,” the company explained.
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