The stock market was having a strong day on Wednesday, but disruptive real estate brokerage eXp World Holdings (NASDAQ: EXPI) was a major standout. At 10 a.m. EST, the stock was up by more than 18% and had reached a new all-time high.
The reason for today's move is that eXp announced an unexpected stock split on Tuesday afternoon. The company announced that the stock will split 2-for-1, with shares beginning to trade on a split-adjusted basis on Feb. 16. In other words, if you own 100 shares of eXp in your brokerage account, you can expect to see 200 shares on Feb. 16.
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Here's Why eXp World Holdings Is Soaring on Wednesday