SRGA - Surgalign plunges on 1-for-30 reverse stock split

Surgalign (NASDAQ:SRGA) board and stockholders approved a reverse stock split of issued and outstanding shares of its common stock and also authorized the board to select the ratio of the reverse stock split. The board has exercised such discretion to effect a 1-for-30 reverse stock split, effective May 17, 2022. The stock will continue to trade under the currents symbol. The split is targeted to increase the per share trading price and regain compliance with the minimum bid price requirement for continued listing on the Nasdaq.

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Surgalign plunges on 1-for-30 reverse stock split