Stock Track | Opera Shares Plunge Over Proposed Share Consolidation

Stock Track11-05

Opera Limited (NASDAQ: OPRA), a leading internet browser developer, saw its stock plunge by 7.95% on Friday after announcing a proposal to consolidate its shares. The Norwegian company plans to merge every two ordinary shares into one, a move aimed at simplifying its share structure.

According to Opera, the proposed share consolidation will be submitted to shareholders for approval at the company's upcoming Annual General Meeting (AGM) on December 3, 2024. If approved, the consolidation will take effect on December 6, 2024, and the ratio between Opera's ordinary shares and American Depositary Shares (ADSs) will change from 2:1 to 1:1.

Opera claims the share consolidation is intended to eliminate confusion among investors regarding ownership percentages and earnings calculations. However, the proposal has sparked concerns among some shareholders, who fear it could potentially impact their holdings or reduce the stock's liquidity.

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