GRI Bio Announces 1-For-7 Reverse Stock Split, Effective January 30, 2024
Portfolio Pulse from Benzinga Newsdesk
GRI Bio has announced a 1-for-7 reverse stock split, set to take effect on January 30, 2024. This corporate action is typically used by companies to boost the share price by reducing the number of shares outstanding, which can also lead to a higher price per share.
January 26, 2024 | 1:07 pm
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GRI Bio's 1-for-7 reverse stock split is intended to increase the market price of its shares by consolidating the number of shares outstanding. This move could potentially make the stock more attractive to investors and could also be a response to meet exchange listing requirements.
Reverse stock splits are often executed to increase the share price, which can make the stock more appealing to investors and help the company comply with stock exchange minimum price requirements. While the immediate effect is neutral to shareholder value, the market often views such actions as a positive signal if it helps maintain listing status or improves market perception.
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