Freight Technologies Announces 1-For-25 Reverse Stock Split, Will Begin Trading On A Split Adjusted Basis On September 25, 2024
Portfolio Pulse from Benzinga Newsdesk
Freight Technologies, Inc. (NASDAQ:FRGT) announced a 1-for-25 reverse stock split, effective September 25, 2024. The split will reduce the number of outstanding shares from 35,844,999 to 1,433,800. Shares will continue trading under the symbol 'FRGT' with a new CUSIP number.
September 23, 2024 | 1:40 pm
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Freight Technologies is implementing a 1-for-25 reverse stock split, reducing outstanding shares significantly. This move is likely aimed at increasing the stock price per share.
The reverse stock split will reduce the number of shares, potentially increasing the stock price per share. This is often done to meet exchange listing requirements or to make the stock more attractive to investors. However, the fundamental value of the company does not change, so the immediate impact on stock price is neutral.
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