WPG - Washington Prime Stock Plunges Again After Reverse Stock Split
Earlier this week, Washington Prime (NYSE: WPG) shareholders awoke to an unusual sight: a huge increase in the struggling mall REIT 's share price. It wasn't because of any good news, though. The company simply completed a 1-for-9 reverse stock split designed to get the trading price back above $1 to comply with New York Stock Exchange rules.
Washington Prime stock didn't waste any time resuming its downward march. The reverse split went into effect at the beginning of trading on Tuesday, and by the end of the day the stock had plummeted 13%. The REIT's extensive holdings of mediocre malls could mean more pain ahead.
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Washington Prime Stock Plunges Again After Reverse Stock Split