Lytus Technologies Holdings PTV. Ltd. Announces 1-For-60 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
Lytus Technologies Holdings PTV. Ltd. (LYT) announced a 1-for-60 reverse stock split effective February 23, 2024, to maintain its Nasdaq listing by addressing the minimum bid price requirement. Shareholders will receive whole shares for fractional entitlements, and the total issued shares will reduce from 93,679,260 to approximately 1,561,321. The reverse split aims to regain compliance with Nasdaq's $1.00 per share minimum bid price rule.
February 21, 2024 | 2:20 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Lytus Technologies Holdings PTV. Ltd. (LYT) is undergoing a 1-for-60 reverse stock split to address Nasdaq's minimum bid price requirement, reducing total shares to approximately 1,561,321.
The reverse stock split is a strategic move by LYT to address compliance issues with Nasdaq's minimum bid price requirement. By reducing the number of shares, the price per share is expected to increase, potentially making the stock more attractive to investors and ensuring the company's continued listing on the Nasdaq. This action could lead to a short-term positive impact on the stock price as it addresses compliance concerns and may improve investor perception.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100