Auddia Announces 1-For-25 Reverse Stock Split, Effective Before Market Open On Tuesday February 27, 2024
Portfolio Pulse from Benzinga Newsdesk
Auddia Inc. (NASDAQ:AUUD) announced a 1-for-25 reverse stock split effective before market open on February 27, 2024, aimed at meeting Nasdaq's continued listing standards by increasing its per share price above $1.00. The reverse stock split will reduce the number of outstanding shares from approximately 20.47 million to about 818,000. Stockholders approved the amendment on December 29, 2023, and the company filed the necessary amendment with the Secretary of State in Delaware. The reverse stock split will also adjust outstanding warrants, stock options, and restricted stock units proportionately.
February 23, 2024 | 4:47 pm
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Auddia Inc. announces a 1-for-25 reverse stock split to meet Nasdaq listing standards by increasing its share price above $1.00, effective February 27, 2024.
The reverse stock split is a strategic move by Auddia Inc. to increase its per share price, which is likely to have a positive short-term impact on the stock price by making it more attractive to investors and ensuring compliance with Nasdaq's Minimum Bid Price Rule. The reduction in the number of outstanding shares typically leads to an increase in the stock price, although the market's reaction can vary. The high relevance and importance scores reflect the direct impact of this action on the company's stock.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100