Beneficient (BENF) said Thursday it is implementing a 1-for-8 reverse stock split of its class A and B common stock.
The reverse stock split will enable the company to regain compliance with Nasdaq's minimum bid price requirement for continued listing.
The shares will begin trading on a split-adjusted basis on Monday.
As a result of the reverse stock split, the company's class A and B common shares will be reduced to 625 million and 31,250 from 5 billion and 250,000, respectively, the company said.
Shares of the company were down over 20% in recent Thursday premarket activity.
Price: 0.81, Change: -0.21, Percent Change: -20.59
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