HIPO - Hippo plans to complete a reverse stock split

• Hippo ( NYSE: HIPO ) plans to file a proxy statement with the SEC for a special meeting of stockholders to be held on Aug.31, 2022.
• It will also include proposal for a reverse stock split at a ratio in the range of 1-for-20 to 1-for-30 and the reduction of the number of authorized shares of capital stock of the company by a corresponding proportion.
• The split is targeted to meet the non-compliance issue regarding minimum bid price requirement which had no immediate impact on stock listing.
• Hippo can regain compliance at any time within the 6-month period post NYSE notice receipt.
• Shares trading 4.7% higher premarket.

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