BuzzFeed, Inc. Announces 1-For-4 Reverse Stock Split, To Be Traded On The Nasdaq Capital Market On A Split-Adjusted Basis Beginning On May 6, 2024
Portfolio Pulse from Benzinga Newsdesk
BuzzFeed, Inc. (NASDAQ:BZFD) announced a 1-for-4 reverse stock split effective May 6, 2024, to meet Nasdaq's minimum bid price requirement and ensure continued listing. The split will adjust the number of Class A and B common stock shares, aiming to increase the bid price above $1.00. The total authorized shares remain unchanged, and no fractional shares will be issued, with stockholders receiving whole shares instead.
May 02, 2024 | 3:31 pm
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BuzzFeed's 1-for-4 reverse stock split aims to boost its stock price to comply with Nasdaq's minimum bid requirement, affecting Class A and B shares.
The reverse stock split is a strategic move to increase the per-share price of BuzzFeed's stock, making it compliant with Nasdaq's listing requirements. This action typically signals to the market an effort to improve stock standing and can lead to a positive short-term investor perception, potentially increasing the stock price. However, the long-term impact depends on the company's performance post-split.
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