American Bitcoin Executes Reverse Stock Split to Maintain Nasdaq Listing
American Bitcoin announced that its 1-for-15 reverse stock split became effective on July 2, reducing its outstanding share count from approximately 1.09 billion to around 73 million. The action is intended to restore compliance with Nasdaq listing requirements and prevent delisting.
The crypto-mining company’s shares have declined more than 63% year to date, trading near $0.65 following the announcement. Reverse stock splits consolidate existing shares without altering a company’s market capitalization or fundamental operations. Nasdaq typically requires listed stocks to maintain a minimum bid price above $1.00 and meet minimum equity thresholds, prompting many struggling companies to execute similar share consolidations.
From the sources (4 posts)
@cointelegraph🔥 LATEST: American Bitcoin will reduce its issued shares from about 1.09B to roughly 73M through a 1-for-15 reverse stock split.
@theblockcoTHE BLOCK: Trump-backed American Bitcoin $ABTC said it will implement a 1-for-15 reverse stock split on July 6 as it seeks to maintain its Nasdaq listing. ABTC has fallen more than 63% year-to-date and hit a fresh all-time low of $0.65 o
@coinmarketcapLATEST: ⚡️ American Bitcoin announced a 1-for-15 reverse stock split effective July 2 to maintain its Nasdaq listing, cutting its share count from ~1.09B to ~73M.
@blckchaindaily🚨 AMERICAN BITCOIN 1-FOR-15 REVERSE STOCK SPLIT EFFECTIVE JULY 2, NOT 1-FOR-10 $ABTC $BTC