VCI Global Announces 1-For-49 Reverse Stock Split, To Be Traded On The Nasdaq Capital Market On A Split-Adjusted Basis Beginning On 5 November, 2024
Portfolio Pulse from Benzinga Newsdesk
VCI Global Limited (NASDAQ:VCIG) announced a 1-for-49 reverse stock split effective on November 5, 2024, to increase its stock price and maintain Nasdaq listing compliance. The stock will trade on a split-adjusted basis under the same symbol 'VCIG'.
November 01, 2024 | 1:03 pm
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VCI Global is implementing a 1-for-49 reverse stock split to increase its share price and comply with Nasdaq's minimum bid price requirement. This action will significantly reduce the number of outstanding shares.
The reverse stock split is a strategic move to increase the stock price, which is crucial for maintaining the Nasdaq listing. This typically results in a higher stock price due to the reduced number of shares, which can be perceived positively by the market.
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