EMBK - Embark Technology trades higher on reverse stock split completion
- Embark Technology ( NASDAQ: EMBK ) shares were trading ~14% higher during market hours and ~2% higher post-market as the company completed a reverse split of its common stock at a ratio of 1 post-split share for every 20 pre-split shares.
- The company's class A common stock will begin trading on a split-adjusted basis from Aug. 17 market open under the existing trading symbol EMBK.
- The implied post-split share price is ~$16.56.
- The shareholders had approved the reverse stock split with 89.5% voting a special Aug. 15 meeting.
- The major proxy advisory firms had also recommended the split.
- The reverse stock split intends to bring the company into compliance with the minimum bid price requirement by Nasdaq.
- Source: Press Release
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Embark Technology trades higher on reverse stock split completion