Sonim Technologies Announces Board Approval For 1-For-10 Reverse Stock Split; Effective At 5:00 PM EST On July 17, 2024
Portfolio Pulse from Benzinga Newsdesk
Sonim Technologies has announced that its Board of Directors has approved a 1-for-10 reverse stock split, which will be effective at 5:00 PM EST on July 17, 2024.
July 16, 2024 | 12:08 pm
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Sonim Technologies has announced a 1-for-10 reverse stock split, effective at 5:00 PM EST on July 17, 2024. This move is likely aimed at increasing the stock price by reducing the number of shares outstanding.
A reverse stock split typically aims to increase the stock price by reducing the number of shares outstanding. While this can make the stock more attractive to institutional investors, it does not change the company's market capitalization. The immediate impact on the stock price is uncertain, as it depends on market perception.
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