Pagaya Announces Effective Date For 1-For-12 Reverse Stock Split As Friday, March 8, 2024
Portfolio Pulse from Benzinga Newsdesk
Pagaya Technologies Ltd. (NASDAQ:PGY) announced a 1-for-12 reverse stock split effective March 8, 2024, aimed at enhancing marketability and potentially increasing inclusion in major U.S. equity indices. The split, approved by shareholders, will adjust trading on a split-adjusted basis under the same symbol 'PGY' with a new CUSIP number. This strategic move is expected to improve trading liquidity by reducing the number of issued and outstanding shares from approximately 605.1 million to about 50.4 million, affecting all shareholders uniformly except for adjustments in fractional shares.
March 04, 2024 | 1:45 pm
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Pagaya Technologies Ltd. (PGY) is undergoing a 1-for-12 reverse stock split to enhance its stock's marketability and liquidity, effective March 8, 2024.
The reverse stock split is a strategic move by Pagaya Technologies to make its stock more marketable to the U.S. investment community and to potentially increase its inclusion in major U.S. equity indices. By reducing the number of outstanding shares, the company aims to improve trading liquidity, which could positively impact the stock price in the short term. The uniform effect on all shareholders and adjustments for fractional shares ensure fairness in the process.
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