MicroVision Board Approves 1-for-15 Reverse Split to Avoid Delisting
MVIS is trading near its 52-week low of $0.26 (15% above the low).
Summary
MicroVision's board has approved a 1-for-15 reverse stock split, the maximum ratio previously proposed, in response to Nasdaq's minimum bid price requirement with the stock trading at $0.298. The split will reduce the outstanding share count from roughly 400 million to about 27 million, mechanically boosting the per-share price. Shares will begin trading on a split-adjusted basis at the opening of trading on August 3. The split does not address underlying cash burn and dilution from the active $42 million ATM and new $50 million shelf.
At the time of this announcement, MVIS was trading at $0.30 on NASDAQ in the Technology sector, with a market capitalization of approximately $119.1M. The 52-week trading range was $0.26 to $1.73. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.