Innovate (VATE) said Friday that its board of directors approved a 1-for-10 reverse stock split, effective Aug. 2.
The company said the main goal of the reverse stock split is to increase its stock's price to meet the minimum per share bid price requirement for continued listing on the New York Stock Exchange.
Innovate's stock is expected to begin trading on a split-adjusted basis on Aug. 5.
Shares of the company were down more than 11% in recent trading.
Price: 0.52, Change: -0.07, Percent Change: -11.40
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments