Flora Growth shares are trading lower after the company announced a 1-for-20 reverse stock split to commence trading on a post-reverse stock split basis on June 9.
Portfolio Pulse from Benzinga Newsdesk
Flora Growth announced a 1-for-20 reverse stock split, with shares trading lower following the announcement. The post-reverse stock split trading will commence on June 9.
June 08, 2023 | 7:55 pm
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Flora Growth shares are trading lower after announcing a 1-for-20 reverse stock split, which will begin trading on a post-reverse stock split basis on June 9.
The announcement of a reverse stock split typically leads to a decrease in share price, as it indicates that the company is attempting to increase its stock price by reducing the number of outstanding shares. In this case, Flora Growth's 1-for-20 reverse stock split has led to a decline in its share price, and the impact is expected to be negative in the short term.
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