USWS - U.S. Well Services announces 1-for-6 reverse stock split
- U.S. Well Services ( NASDAQ: USWS ) trades 7.8% down premarket after it said it is executing a reverse stock split , effective Aug.4, 2022; holders will receive 1 post-split share for every 6 pre-split shares of Class A common stock.
- The split is mainly for bringing the company into compliance with the minimum bid price requirement for maintaining its listing on the Nasdaq.
- Stock will start trading on split-adjusted basis from Aug.5, after market opens.
- In June last week, the company announced it would be acquired by ProFrac in a stock-for-stock transaction with an exchange ratio of 0.0561 shares of ProFrac Class A Common Stock for each share of USWS Class A common stock.
- Now with stock split effect, holders of USWS Class A common stock will be entitled to receive 0.3366 shares of ProFrac Class A Common Stock for each share of USWS Class A common stock.
- Transaction is expected to close in Q4 of 2022.
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U.S. Well Services announces 1-for-6 reverse stock split