PLAYSTUDIOS Sets 1-for-10 Reverse Split to Regain Nasdaq Compliance
MYPS is trading near its 52-week low of $0.402 (11% above the low).
Summary
PLAYSTUDIOS announced a 1-for-10 reverse stock split, selecting the maximum ratio from the range shareholders approved in July. The move is aimed at regaining Nasdaq's minimum bid price compliance. The company also provided an update on its stock repurchase program, disclosing Q3 buybacks of $3.0 million. This follows a difficult quarter with widening losses and the recent shutdown of its The Win Zone product. The reverse split will reduce the share count and mechanically raise the per-share price, but does not change the company's market value. Traders will watch for the effective date and any further details on repurchase activity.
Updates
· SEC 8-K — Reverse split effective Sept 30, trading split-adjusted Oct 1; repurchased 4.3M shares for $3.0M in Q3.
At the time of this announcement, MYPS was trading at $0.45 on NASDAQ in the Technology sector, with a market capitalization of approximately $53.6M. The 52-week trading range was $0.40 to $1.07. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.