Benzinga - Amesite Inc. (NASDAQ: AMST) shares are trading lower by 3.89% to 33 cents during Tuesday's after-hours session. The company announced that it will effect a 1-for-12 reverse split of its common stock effective as of the open of business on Wednesday.
What Else?
Amesite says the reverse stock split is primarily intended to bring the company into compliance with Nasdaq's minimum bid price requirement.
The reverse stock split was approved by the company's stockholders at a special meeting held Feb. 15, with the final ratio determined by the company's board of directors.
As a result of the reverse stock split, every 12 shares of issued and outstanding common stock will be exchanged for 1 share of common stock, with any fractional shares being rounded up to the next higher whole share.
Immediately after the reverse stock split becomes effective, the company will have approximately 2,533,359 shares of common stock issued and outstanding.
According to data from Benzinga Pro, AMST has a 52-week high of $1.05 and a 52-week low of $0.13.
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