Greenland Mines Approves 1-for-50 Reverse Split to Regain Nasdaq Compliance
GRML is trading near its 52-week low of $0.156 (13% above the low).
Summary
The board approved a 1-for-50 reverse stock split effective Aug. 24, cutting shares outstanding from ~158.9M to ~3.18M. The move aims to lift the stock above Nasdaq's $1 minimum bid requirement — shares currently trade at $0.1762. This follows the June shareholder approval allowing a ratio up to 1-for-60, and the company's Q2 filing flagged delisting risk. Operationally, Skaergaard fieldwork is a month in with first blasting done for metallurgical testing, and Sarfartoq mapping starts in September if the acquisition closes. The split itself doesn't change ownership, but it's a critical step to avoid delisting.
At the time of this announcement, GRML was trading at $0.18 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $32.8M. The 52-week trading range was $0.16 to $0.81. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.