Broadway Financial Corporation Announces Terms Of 1-For-8 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
Broadway Financial Corporation (BYFC) has announced the terms of its 1-for-8 reverse stock split, which will be effective on November 1, 2023. The split will apply to all outstanding shares of Broadway's three classes of common stock. The Class A common stock will continue to trade under the symbol 'BYFC' on the Nasdaq Capital Market. The Class B and Class C common stock will not be registered for trading. The reverse split is intended to bring the company into compliance with the minimum bid price requirements for maintaining its listing on the Nasdaq Capital Market.
October 31, 2023 | 3:08 pm
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Broadway Financial Corporation's 1-for-8 reverse stock split will affect all classes of its common stock. The move is aimed at maintaining its Nasdaq listing by meeting the minimum bid price requirements.
The reverse stock split will reduce the number of shares outstanding, which could potentially increase the stock price and help the company meet the minimum bid price requirements for maintaining its Nasdaq listing. However, the impact on the stock price is uncertain as it will depend on market reaction to the split.
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