Leafly's 1-for-20 Reverse Stock Split Takes Effect As Online Cannabis Marketplace Attempts To Remain On Nasdaq
Portfolio Pulse from Maureen Meehan
Leafly Holdings (NASDAQ: LFLY) has announced a 1-for-20 reverse stock split of its common stock, effective from September 12, 2023. The move is aimed at maintaining the company's listing on the Nasdaq by meeting the minimum bid price requirement. The stock will continue to trade under the symbol 'LFLY'. The company's public warrants will also continue trading under the symbol 'LFLYW'. No fractional shares will be issued as a result of the split.
September 12, 2023 | 12:41 pm
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Leafly's reverse stock split could potentially increase the per-share price, making it more attractive to institutional investors. However, it does not guarantee that the company will meet the minimum bid price requirement for Nasdaq listing.
A reverse stock split reduces the number of shares in circulation, which can increase the per-share price and make the stock more attractive to institutional investors. However, it does not change the company's underlying value or guarantee that it will meet the minimum bid price requirement for Nasdaq listing. Therefore, the impact on the stock price is uncertain.
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