Inseego Announces 1-For-10 Reverse Stock Split That Will Become Effective After The Close Of The Market At 5:00 p.m. ET On January 23, 2024
Portfolio Pulse from Benzinga Newsdesk
Inseego Corp. (NASDAQ:INSG) announced a 1-for-10 reverse stock split effective after market close on January 23, 2024. The stock will trade on a split-adjusted basis starting January 24, 2024, under the same symbol but with a new CUSIP number. This follows stockholder approval at the annual meeting on September 5, 2023, and board of directors' subsequent decision. The reverse split will reclassify each share into 1/10 of a share, with cash in lieu of fractional shares. The par value and authorized shares remain unchanged, and convertible notes will be adjusted accordingly.
January 22, 2024 | 5:01 pm
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Inseego Corp. will undergo a 1-for-10 reverse stock split, with trading on a split-adjusted basis starting January 24, 2024. The reverse split aims to reclassify shares and adjust equity percentages without issuing fractional shares.
Reverse stock splits often aim to boost the stock price by reducing the number of shares outstanding, which can make the stock more appealing to certain investors. However, the impact on the stock price can be neutral in the short term as the market adjusts to the new price level. The importance is significant as it affects all shareholders, but the confidence is not absolute as market reactions can be unpredictable.
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