22nd Century Plans 1-For-15 Reverse Stock Split, Effective July 5, 2023
Portfolio Pulse from Benzinga Newsdesk
22nd Century Group plans to execute a 1-for-15 reverse stock split effective July 5, 2023, to regain compliance with the minimum bid price requirement of $1.00 per share for continued listing on Nasdaq.
July 03, 2023 | 10:01 am
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22nd Century Group's planned reverse stock split could potentially increase the per-share price, helping the company to maintain its Nasdaq listing.
The reverse stock split will reduce the number of shares outstanding, which could increase the per-share price. This is intended to help the company meet Nasdaq's minimum bid price requirement. However, the impact on the stock's value and the company's market capitalization is neutral because the reverse split does not change the company's overall equity value.
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