Reported Earlier, Chijet Motor Approves Reverse Stock Split and Share Capital Increase
Portfolio Pulse from Benzinga Newsdesk
Chijet Motor Company, Inc. (NASDAQ:CJET) announced that its shareholders approved a reverse stock split and an increase in authorized share capital during the annual shareholder meeting. The reverse stock split consolidates every 30 shares into 1, and the authorized share capital is increased significantly.
June 28, 2024 | 7:32 am
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Chijet Motor Company, Inc. (NASDAQ:CJET) shareholders approved a reverse stock split and an increase in authorized share capital. The reverse stock split consolidates every 30 shares into 1, and the authorized share capital is increased significantly.
The reverse stock split and increase in authorized share capital are significant corporate actions that can impact the stock price. The reverse stock split may initially cause volatility as the market adjusts to the new share structure. The increase in authorized share capital could be seen as a move to raise more funds in the future, which might dilute existing shareholders but also provide capital for growth.
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