Society Pass Incorporated Announces 1-For-15 Reverse Stock Split, Will Begin At The Opening Of Trading On May 1, 2024
Portfolio Pulse from Benzinga Newsdesk
Society Pass Inc. (NASDAQ:SOPA) announced a 1-for-15 reverse stock split effective May 1, 2024, to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) and maintain its Nasdaq listing. The reverse split will consolidate every fifteen shares into one, with fractional shares rounded up, affecting all shareholders uniformly without altering percentage interests, except for fractional adjustments.
April 26, 2024 | 8:51 pm
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Society Pass Inc. announces a 1-for-15 reverse stock split to maintain Nasdaq listing, effective May 1, 2024. This action will consolidate shares, affecting all shareholders uniformly.
Reverse stock splits are often used by companies to regain compliance with exchange listing requirements, which can be viewed neutrally by the market. The impact on SOPA's stock price in the short term is uncertain, as the market's perception of reverse splits can vary. However, the action is aimed at maintaining its listing status, which is generally positive. The uniform effect on shareholders and the rounding up of fractional shares are designed to minimize negative impacts.
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