Spruce Power Says 1-For-8 Reverse Stock Split Of Common Stock Approved By Stockholders
Portfolio Pulse from Benzinga Newsdesk
Spruce Power's stockholders have approved a 1-for-8 reverse stock split of its common stock. The split-adjusted trading is expected to begin on October 9, 2023. The reverse split, previously approved by the company's Board of Directors, aims to help Spruce comply with the NYSE's continued listing requirements.
October 02, 2023 | 9:11 pm
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Spruce Power's reverse stock split could potentially increase the per-share price, making it more attractive to investors. However, it could also indicate underlying issues with the company's performance.
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 investors. However, it's often a strategy used by companies struggling to meet exchange listing requirements, which could indicate underlying issues with Spruce Power's performance.
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