SXTC - China SXT Pharmaceuticals announces 1-for-20 reverse stock split

China SXT Pharmaceuticals (NASDAQ:SXTC) stated Wednesday that its Board has approved for 1-for-20 reverse stock split of its shares, effective May 17, 2022. That means company's shareholders will receive 1 share for every 20 shares held. As of May 16, there were about 40,627,868 shares outstanding which post-spit will be reduced to 2,031,400 shares. Stock is expected to begin trading on a split-adjusted basis when the market opens on May 19, 2022.  Stock is down 10% in mid-day trading session on Wednesday. China SXT (SXTC) is focused on research, production, and sales of traditional Chinese medicine piece tablets in China. The company has lost more than two-thirds of its value in the year so far, as shown in this graph.

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China SXT Pharmaceuticals announces 1-for-20 reverse stock split