Bit Brother Announces 1-For-1,000 Reverse Share Split, Expected To Become Effective On Or Around January 10, 2024
Portfolio Pulse from Benzinga Newsdesk
Bit Brother Limited (NASDAQ:BTB) announced a 1-for-1,000 reverse stock split approved by its board, effective around January 10, 2024. Shareholders will receive one new share for every thousand held, with the aim of increasing the share price. The split will reduce outstanding shares from 3.8 billion to 3.8 million. Stock options and restricted shares will be adjusted accordingly, and fractional shares will be rounded up. New share certificates will be issued, with VStock Transfer LLC managing the exchange.
January 08, 2024 | 5:03 pm
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Bit Brother Limited's reverse stock split is intended to increase the stock price by reducing the number of shares from 3.8 billion to 3.8 million. The split may affect the stock's liquidity and market perception.
Reverse stock splits are often used by companies to increase their share price and comply with exchange listing requirements. While the split is intended to raise the price, it does not add intrinsic value to the company and may not have a lasting positive impact on the stock price. The reduction in shares could improve liquidity, but investor perception may vary, and the actual impact on the stock price is uncertain.
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