KORE - Why KORE Group Holdings Stock Is Trading Lower | Benzinga
KORE Group Holdings Inc (NASDAQ:KORE) shares are trading lower by 16.8% to $0.49 during Monday’s session after the company late Friday announced a 1-for-5 reverse stock split of its common stock, effective at 12:01 a.m. Eastern Time on July 1.
The reverse stock split aims to increase the stock’s per share price to meet NYSE’s minimum listing requirements and was approved by stockholders on June 12, and by the Board of Directors on June 21.
This split means every five existing shares will be reclassified into one new share, with proportional adjustments to outstanding equity ...