Sphere 3D Announces 1-For-7 Share Consolidation; Will Begin Trading On A Post-Consolidation Basis On June 29, 2023
Portfolio Pulse from Happy Mohamed
Sphere 3D Corp. (NASDAQ:ANY) has announced a 1-for-7 share consolidation, also known as a reverse stock split, which was approved by shareholders on June 23, 2023. The company's shares will begin trading on a post-consolidation basis on the NASDAQ Capital Market from June 29, 2023. The move is intended to increase the per share trading price of Sphere 3D's common shares to satisfy the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market.
June 28, 2023 | 5:04 pm
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Sphere 3D Corp. has announced a 1-for-7 share consolidation, which is expected to increase the per share trading price. This could potentially attract more investors and satisfy the Nasdaq's minimum bid price requirement.
The share consolidation is a strategic move by Sphere 3D Corp. to increase the per share trading price and satisfy the Nasdaq's minimum bid price requirement. While this could potentially attract more investors, it could also dilute the value of existing shares. Therefore, the short-term impact on the stock price is uncertain.
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