Why Novo Integrated Sciences (NVOS) Stock Is Getting Obliterated
Portfolio Pulse from Henry Khederian
Novo Integrated Sciences, Inc. (NASDAQ:NVOS) announced a 1-for-10 reverse stock split of its common stock, causing its shares to drop by 52% to $0.14. The decision was made to meet Nasdaq's minimum bid price requirement and improve shareholder value. The reverse stock split will take effect on November 6, with trading on a Reverse Stock Split-adjusted basis starting November 7.
November 06, 2023 | 7:03 pm
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NEGATIVE IMPACT
Novo Integrated Sciences' shares dropped significantly following the announcement of a 1-for-10 reverse stock split. This move is aimed at meeting Nasdaq's minimum bid price requirement and improving shareholder value.
The announcement of a reverse stock split typically leads to a decrease in the company's stock price in the short term, as it often indicates that the company is trying to boost its stock price to meet exchange listing requirements. In this case, Novo Integrated Sciences' stock price dropped significantly following the announcement, indicating a negative short-term impact.
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