Sidus Space Announces 1-For-100 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
Sidus Space, Inc. (NASDAQ:SIDU) has announced a 1-for-100 reverse stock split to take effect after market close on December 19, 2023. The action aims to comply with Nasdaq's minimum bid price requirement for continued listing. Post-split trading will begin on December 20, 2023, under the same symbol 'SIDU', with a new CUSIP number 826165201. The reverse split will reduce the number of outstanding shares to approximately 778,679 and proportionately adjust equity-based awards.
December 18, 2023 | 4:30 pm
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Sidus Space, Inc. is undergoing a 1-for-100 reverse stock split to comply with Nasdaq's minimum bid price requirement, potentially reducing the number of shares and affecting the stock price.
Reverse stock splits often aim to boost the share price to meet regulatory requirements, but they do not fundamentally change a company's value. The short-term impact on SIDU's stock price could be neutral to positive as it seeks to meet Nasdaq's listing criteria. However, the market's perception of the company's long-term prospects and the potential dilution of existing shares could temper any positive sentiment.
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