Treasure Global Announces 1-For-70 Reverse Stock Split
Portfolio Pulse from Benzinga Newsdesk
Treasure Global Inc (NASDAQ:TGL) announced a 1-for-70 reverse stock split to comply with Nasdaq's $1.00 minimum bid price requirement. The split-adjusted trading starts on February 27, 2024. The move, approved by stockholders and the Board, aims to maintain its Nasdaq listing without altering stockholder equity percentages. Fractional shares will be rounded up, and no action is required from stockholders for the adjustment.
February 23, 2024 | 4:01 pm
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Treasure Global Inc announces a 1-for-70 reverse stock split to comply with Nasdaq's minimum bid price requirement, effective February 27, 2024. This action aims to maintain its listing without changing stockholder equity percentages.
The reverse stock split is a neutral to slightly positive move aimed at compliance with Nasdaq listing requirements. While it does not inherently add value, it avoids the negative consequences of delisting. The impact on the stock price is neutral short term as the market adjusts to the new share structure. The rounding up of fractional shares is a minor positive for shareholders.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100