Why Nova Lifestyle Shares Are Surging Today
Portfolio Pulse from Shivani Kumaresan
Nova Lifestyle Inc (NASDAQ:NVFY) has completed a one-for-five reverse stock split, decreasing the number of authorized shares from 15 million to 3 million. The stock will trade on a split-adjusted basis starting May 24, 2023. NVFY shares are trading higher by 26% at $0.61.
May 23, 2023 | 5:51 pm
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Nova Lifestyle's one-for-five reverse stock split has led to a 26% increase in share price, trading at $0.61.
The reverse stock split has directly impacted Nova Lifestyle's share price, causing it to surge by 26%. The decrease in the number of authorized shares from 15 million to 3 million has likely contributed to the increased demand for the stock, resulting in the higher share price.
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