American Bitcoin Plans 1-for-15 Reverse Stock Split to Maintain Nasdaq Listing
Trump-backed American Bitcoin announced plans to implement a one-for-15 reverse stock split on July 6 to comply with Nasdaq's minimum bid price requirement and maintain its exchange listing. The adjustment will reduce the company's issued shares from approximately 1.09 billion to roughly 73 million.
The corporate action follows a steep decline in the company's market value. American Bitcoin shares have fallen more than 63% year-to-date, hitting a fresh all-time low of $0.65 earlier this week. Reverse splits are a common mechanism used by publicly traded companies to meet the $1.00 minimum share price threshold required by major U.S. exchanges to avoid delisting.
From the sources (2 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