PANews reported on October 16th that, according to The Block, Ethereum finance company ETHZilla Corporation (ticker symbol ETHZ) announced a 1:10 reverse stock split, reducing the number of outstanding shares, expected to take effect on October 20th. The move is intended to push ETHZ's Nasdaq-listed share price above $10 to attract large mutual funds with "minimum share price thresholds." That day, ETHZ's share price fell over 7%, trading at approximately $1.77. In a Wednesday announcement, the company stated that the split is part of expanding institutional investor participation, providing investors and large financial institutions with access to collateral and margin availability at a share price above $10, independent of exchange listing requirements. The split was approved by a special shareholders meeting on July 24. The company, formerly 180 Life Sciences Corp., changed its name to ETHZilla in August after receiving backing from Peter Thiel's Founders Fund.PANews reported on October 16th that, according to The Block, Ethereum finance company ETHZilla Corporation (ticker symbol ETHZ) announced a 1:10 reverse stock split, reducing the number of outstanding shares, expected to take effect on October 20th. The move is intended to push ETHZ's Nasdaq-listed share price above $10 to attract large mutual funds with "minimum share price thresholds." That day, ETHZ's share price fell over 7%, trading at approximately $1.77. In a Wednesday announcement, the company stated that the split is part of expanding institutional investor participation, providing investors and large financial institutions with access to collateral and margin availability at a share price above $10, independent of exchange listing requirements. The split was approved by a special shareholders meeting on July 24. The company, formerly 180 Life Sciences Corp., changed its name to ETHZilla in August after receiving backing from Peter Thiel's Founders Fund.
Ethereum finance company ETHZilla will implement a 1:10 reverse stock split to help boost its share price.
PANews reported on October 16th that, according to The Block, Ethereum finance company ETHZilla Corporation (ticker symbol ETHZ) announced a 1:10 reverse stock split, reducing the number of outstanding shares, expected to take effect on October 20th. The move is intended to push ETHZ's Nasdaq-listed share price above $10 to attract large mutual funds with "minimum share price thresholds." That day, ETHZ's share price fell over 7%, trading at approximately $1.77. In a Wednesday announcement, the company stated that the split is part of expanding institutional investor participation, providing investors and large financial institutions with access to collateral and margin availability at a share price above $10, independent of exchange listing requirements.
The split was approved by a special shareholders meeting on July 24. The company, formerly 180 Life Sciences Corp., changed its name to ETHZilla in August after receiving backing from Peter Thiel's Founders Fund.
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