Offerpad Confirms 1-for-10 Reverse Split, Trading Adjusted June 9
OPAD sits 28% above its 52-week low of $0.57.
Summary
Offerpad Solutions announced a 1-for-10 reverse stock split, effective June 8, with split-adjusted trading beginning June 9. This action follows the NYSE delisting notice received in March for failing to meet the minimum $1.00 average stock price requirement. Shareholders had previously approved a range for a reverse split, and an 8-K confirming the implementation was filed earlier today. The split is a necessary step to increase the per-share price and regain compliance with NYSE listing standards.
At the time of this announcement, OPAD was trading at $0.73 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $35M. The 52-week trading range was $0.57 to $6.35. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Wiseek News.