IMG, MTVA, USREF, TGL: These Four Stocks Trade Ex-Reverse Split On Friday
- CIMG will implement a 20-for-1 reverse stock split, effective December 5. MetaVia's 1-for-11 reverse stock split of common stock will come into effect on December 4. Treasure Global said its 1-for-20 reverse stock split of common stock will come into effect on December 5.
Companies often use reverse stock splits to maintain their stock exchange listing, as major exchanges require the stock's price to trade above $1. Falling below that level for 30 straight trading days triggers a deficiency notice, and the company is given a limited window to lift the share price.
A reverse split raises the stock's price by reducing the share count, helping the company regain compliance and avoid delisting.
On Friday, four stocks will begin trading post a reverse split:
CIMG Inc. (IMG), a digital health and sales development company, is set for a 20-for-1 reverse stock split, which takes effect on December 5. Post-split, CIMG's stock will continue trading on Nasdaq under the symbol“IMG.” The reverse split will reduce the company's outstanding shares to around 15.5 million from approximately 310 million.
The reverse split also applies to stock options and warrants, with fractional shares rounded up to the nearest whole share.
On Thursday, IMG stock was down 10%, while retail sentiment on Stocktwits remained in the 'bearish' zone over the past 24 hours.
MetaVia Inc. (MTVA), a clinical-stage biotech company focused on cardiometabolic diseases, announced a 1-for-11 reverse stock split of its common stock, effective December 4, post-market hours.
Starting December 5, MetaVia's shares will trade on Nasdaq on a split-adjusted basis under the symbol“MTVA.” The reverse split reduces outstanding shares from around 25.4 million to 2.3 million.
MTVA stock gained around 7% on Thursday, while retail sentiment on Stocktwits remained in the 'bearish' territory over the past 24 hours.
Treasure Global Inc. (TGL) said its 1-for-20 reverse stock split of common stock will come into effect on December 5. The company's shares will continue trading on Nasdaq under the symbol“TGL” on a split-adjusted basis.
The reverse split reduces outstanding shares from around 17 million to 848,100 and aims to help the company regain compliance with Nasdaq's $1 minimum bid price requirement.
TGL shares were up marginally on Thursday as retail sentiment on Stocktwits remained 'bullish' over the past 24 hours.
Tactical Resources Corp.'s (USREF) 5-for-1 share consolidation will come into effect on December 5. The action will reduce the total outstanding shares to around 7.35 million.
USREF shares had climbed 1% as retail sentiment on Stocktwits remained in the 'bullish' zone.
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