DatChat Announces A 1-For-10 Reverse Stock Split Effective At The Open Of Trading On September 19, 2023
Portfolio Pulse from Benzinga Newsdesk
DatChat, Inc. (NASDAQ:DATS) has announced a 1-for-10 reverse stock split, effective from the opening of trading on September 19, 2023. The move is primarily intended to bring the company into compliance with Nasdaq's $1.00 per share minimum bid price requirement for continued listing. Post-split, the company will have approximately 2,740,419 shares of common stock issued and outstanding.
September 19, 2023 | 12:35 pm
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NEUTRAL IMPACT
DatChat's 1-for-10 reverse stock split is aimed at maintaining its listing on the Nasdaq by meeting the $1.00 per share minimum bid price requirement. The company's outstanding shares will reduce to approximately 2,740,419 post-split.
The reverse stock split will reduce the number of outstanding shares, which could potentially increase the stock's price per share, helping the company to meet Nasdaq's minimum bid price requirement. However, it does not guarantee that the company will regain compliance with the Nasdaq minimum bid price requirement. The impact on the stock price in the short term is uncertain, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100