Novo Built-in Sciences, Inc. NVOS shares are buying and selling decrease by 52% to $0.14 Monday afternoon after the corporate earlier introduced a 1-for-10 reverse inventory cut up of its common stock.
Novo says this variation is about to take impact on November 6, after the shut of buying and selling on the Nasdaq Capital Market. Novo’s frequent inventory will then start buying and selling on a Reverse Inventory Break up-adjusted foundation on November 7.
Novo says the choice was made to handle Nasdaq’s minimal bid value requirement and enhance the corporate’s positioning for shareholder worth. The reverse inventory cut up acquired stockholder approval on the annual assembly on September 29.
The Firm’s Board of Administrators accredited the 1-for-10 ratio, with the purpose of attracting a broader vary of institutional and retail traders. Robert Mattacchione, Novo’s CEO and Chairman, expressed confidence on this technique to maximise shareholder worth.
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Based on knowledge from Benzinga Pro, NVOS has a 52-week excessive of $0.54 and a 52-week low of $0.06.
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