Alternus Clean Energy Announces 1-For-25 Reverse Stock Split as Part of Nasdaq Compliance Plan, Will Commence Trading On The Nasdaq Capital Market On A Post-split Basis At The Opening Of The Market On October 11, 2024
Portfolio Pulse from Benzinga Newsdesk
Alternus Clean Energy Inc. (NASDAQ:ALCE) announced a 1-for-25 reverse stock split to comply with Nasdaq's $1.00 minimum bid price requirement. The split will be effective on October 11, 2024, reducing outstanding shares from approximately 87 million to 3.5 million.
October 09, 2024 | 12:34 pm
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Alternus Clean Energy is implementing a 1-for-25 reverse stock split to meet Nasdaq's $1.00 minimum bid price requirement. This move will reduce the number of outstanding shares significantly, potentially increasing the stock price.
The reverse stock split is a strategic move to increase the stock price by reducing the number of shares, which is crucial for maintaining Nasdaq listing compliance. This is likely to have a positive short-term impact on the stock price as it addresses the minimum bid price requirement.
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