2023-04-21 16:24:20 ET
- MoneyLion ( NYSE: ML ) slid 12% after hours on Friday as the mobile banking platform announced a 1-for-30 reverse stock split of its class A stock, effective at 5:01 p.m. ET on April 24.
- The stock will start trading on a reverse split-adjusted basis on April 25.
- As a result, the total number of class A shares authorized for issuance will be reduced from 2B shares to 66M shares.
- Proportionate adjustments will be made to MoneyLion's ( ML ) outstanding warrants, resulting in each warrant becoming exercisable for 1/30th of class A share at $345/share.
- Adjustments will also be made to the conversion factor at which MoneyLion's ( ML ) series A convertible preferred stock may be converted to cass A stock.
- The total number of preferred shares authorized for issuance will remain at 200M.
- SA Quant has flagged that MoneyLion ( ML ) is at high risk of performing badly.
For further details see:
MoneyLion slides 12% after hours on 1-for-30 reverse stock split