EFOI - Energy Focus launches 1-for-7 reverse stock split
2023-06-15 17:56:21 ET
Energy Focus ( NASDAQ: EFOI ) +4.5% post-market Thursday after saying it will effect a 1-for-7 reverse stock split of its common shares, with trading on a split-adjusted basis on Nasdaq beginning at the market open on June 20.
The company said the reverse split is intended to raise the stock price to satisfy the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market.
The reverse split will reduce the number of the company's outstanding common shares from ~19.2M shares to ~2.7M hares.
More on Energy Focus:
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- Stock price return: Up 8.5% YTD, down 81% in the past 12 months
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Energy Focus launches 1-for-7 reverse stock split