ISUN - Why iSun Stock Is Down Nearly 50% | Benzinga
iSun Inc (NASDAQ:ISUN) shares are trading lower by 46.6% to $0.08 during Wednesday’s session after the company announced a reverse stock split.
The company is implementing a 1-for-20 reverse stock split of its common stock, effective April 26, aimed at regaining compliance with Nasdaq’s minimum bid price requirement. Approved by the company’s stockholders and Board of Directors, the split consolidates every twenty shares into one, without altering ownership percentages.
The reverse split is intended to ensure the closing bid price remains at or above $1.00 per share for at least 10 consecutive business days ...