Why Nauticus Robotics (KITT) Stock Is Falling Sharply
Portfolio Pulse from Henry Khederian
Nauticus Robotics Inc (NASDAQ:KITT) shares are down 32% to $0.08 after announcing a 1-for-36 reverse stock split to meet Nasdaq's minimum bid price requirement. The split will be effective on July 22, with post-split trading starting on July 23.
July 19, 2024 | 2:21 pm
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Nauticus Robotics Inc (NASDAQ:KITT) shares are down 32% to $0.08 after announcing a 1-for-36 reverse stock split to meet Nasdaq's minimum bid price requirement. The split will be effective on July 22, with post-split trading starting on July 23.
The sharp decline in KITT's stock price is a direct reaction to the announcement of a 1-for-36 reverse stock split. This move is aimed at meeting Nasdaq's minimum bid price requirement but has caused immediate negative sentiment among investors, leading to a significant drop in share price.
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