MySize Announces Reverse Stock Split to Regain Nasdaq Compliance
MYSZ sits 16% above its 52-week low of $0.33 on light trading volume (0.4× avg).
Summary
MySize has announced a reverse stock split, following shareholder approval in July. The board approved a one-for-eight reverse stock split. The split is scheduled to become effective after trading closes on August 12. The move is aimed at regaining Nasdaq's minimum bid price compliance. The company has been under pressure with a going concern warning and deeply dilutive financing. The reverse split is a mechanical fix that does not address underlying cash burn or operational challenges.
At the time of this announcement, MYSZ was trading at $0.38 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.9M. The 52-week trading range was $0.33 to $1.48. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.