Soluna Announces Implementation Of 1-for-25 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
Soluna Holdings, Inc. (NASDAQ:SLNH) has announced a 1-for-25 reverse stock split, reducing the number of its outstanding shares from approximately 37.3 million to 1.5 million. The move is part of the company's plan to regain compliance with the $1.00 per share minimum closing price required for continued listing on NASDAQ. The split will become effective at 5:00 p.m. Eastern Time, on October 13, 2023, and the stock will begin trading on a post-split basis on October 16, 2023.
October 13, 2023 | 12:05 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Soluna's reverse stock split is aimed at regaining NASDAQ compliance by increasing the per-share price. This could potentially attract more institutional investors but may also dilute existing shareholders' equity.
The reverse stock split will increase the per-share price, making the stock more attractive to institutional investors who often avoid lower-priced stocks. However, it also dilutes the equity of existing shareholders, which could lead to short-term selling pressure. The impact on the stock price will depend on how these factors balance out.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100