LuxUrban Hotels Inc. Announces Reverse Stock Split and Nasdaq Compliance Approval
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LuxUrban Hotels Inc. announced a 1:70 reverse stock split to regain Nasdaq compliance, effective November 20, 2024.
November 15, 2024 | 9:45 pm
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LuxUrban Hotels Inc. is implementing a 1:70 reverse stock split to regain compliance with Nasdaq listing requirements. This move is aimed at increasing the stock price by reducing the number of shares outstanding.
The reverse stock split is a strategic move to increase the stock price by reducing the number of shares, which is often done to meet exchange listing requirements. This can lead to a short-term increase in stock price due to the reduced share count.
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