Bollinger Innovations Announces 1-For-250 Reverse Stock Split
Synopsis
The split is primarily intended to ensure compliance with Nasdaq listing rules that require a minimum bid price of $1, Bollinger said.
Bollinger Innovations, Inc. (BINI) on Thursday announced a 1-for-250 reverse stock split of its common stock, effective Monday.
The common stock will begin trading on a split-adjusted basis at the market open on September 22, the company said. The split is primarily intended to ensure compliance with Nasdaq listing rules that require a minimum bid price of $1.
The company added that this will be the last reverse stock split that it initiates for the next three years. Shares of the company slumped 8% in the pre-market session at the time of writing.
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