Zomedica shares are trading lower after the company issued preliminary Q4 and FY23 revenue guidance. The company announced a 1-for-80 reverse stock split.
Portfolio Pulse from Benzinga Newsdesk
Zomedica's stock is trading lower following the announcement of preliminary Q4 and FY23 revenue guidance and a 1-for-80 reverse stock split.
January 18, 2024 | 5:17 pm
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Zomedica's announcement of lower-than-expected preliminary Q4 and FY23 revenue guidance, coupled with a 1-for-80 reverse stock split, has led to a decline in its stock price.
The negative market reaction is likely due to the preliminary revenue guidance, which may have fallen short of investor expectations, signaling potential operational challenges. The reverse stock split is often viewed as a measure to boost the stock price by reducing the number of shares outstanding, but it can also be perceived as a sign of distress, further contributing to the negative sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100