Why Orgenesis (ORGS) Stock Is Down 23% Today
Portfolio Pulse from Henry Khederian
Orgenesis Inc (NASDAQ:ORGS) shares dropped 21% after announcing a 1-for-10 reverse stock split to meet Nasdaq's $1.00 minimum bid price requirement. The split will reduce outstanding shares from 47.7 million to 4.77 million, effective September 24.
September 23, 2024 | 6:08 pm
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NEGATIVE IMPACT
Orgenesis shares fell 21% due to a 1-for-10 reverse stock split aimed at meeting Nasdaq's $1.00 minimum bid price requirement. This move will reduce outstanding shares significantly.
The reverse stock split is a significant corporate action aimed at compliance with Nasdaq listing requirements. Such actions often lead to short-term price declines as they can be perceived negatively by investors. The 21% drop reflects this sentiment.
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