BRQS - Borqs Technologies announces 1-for-16 reverse stock split

Borqs Technologies (NASDAQ:BRQS) stated Friday that it has received Board's approval to effect a 1-for-16 reverse split of its common shares, effective June 27, 2022. That means every sixteen issued and outstanding shares of the company's common stock will be converted into one share. Stock is down 18% in after-hours trading. "Our ESG strategy toward building products for 5G, IoT and solar are gaining a lot of tractions....The recent strategic investment of $16 million from strategic investors for growing of our solar plus energy storage business is a good demonstration of our investors’ confidence in our business," said CEO Pat Chan.

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Borqs Technologies announces 1-for-16 reverse stock split