Addentax Group Corp. Announces 1-For-10 Reverse Share Split, Expected To Become Effective On June 30, 2023
Portfolio Pulse from Happy Mohamed
Addentax Group Corp. (NASDAQ:ATXG) has announced a 1-for-10 reverse stock split, which is expected to become effective on June 30, 2023. The reverse split will reduce the number of Addentax's common stock outstanding from 37,395,420 to 3,739,542. The company's shares are expected to trade at approximately ten times the price per share prior to the split, although this is not guaranteed.
June 29, 2023 | 4:32 pm
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Addentax's 1-for-10 reverse stock split will reduce the number of outstanding shares and could potentially increase the share price. However, the company cannot guarantee that the price will reflect the split ratio or remain above the pre-split trading price.
Reverse stock splits reduce the number of shares outstanding, which can lead to an increase in the share price. However, the company has stated that it cannot guarantee that the price will reflect the split ratio or remain above the pre-split trading price. This uncertainty could lead to volatility in the stock's price.
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