Why Bitcoin-Related Stock Sphere 3D Corp (ANY) Is Falling
Portfolio Pulse from Henry Khederian
Shares of Sphere 3D Corp (NASDAQ:ANY) are down by 9.8% following the company's implementation of a 1-for-7 reverse stock split. The move, approved by shareholders on June 23, aims to increase the per share trading price and meet the minimum bid price requirement of $1.00 for continued listing on the Nasdaq Capital Market.
June 29, 2023 | 6:40 pm
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Sphere 3D Corp's stock price is down by 9.8% following the implementation of a 1-for-7 reverse stock split. The move is intended to increase the per share trading price and meet Nasdaq's minimum bid price requirement.
The reverse stock split reduces the number of shares in circulation, which can lead to an increase in the stock's price. However, it can also be seen as a negative signal about the company's financial health, leading to a decrease in the stock price, as is the case here.
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