INNOVATE Extends Effective Date For 1-For-10 Reverse Stock Split To August 8, 2024
Benzinga Newsdesk 2 years ago
NewsStock Split
INNOVATE Corp. ("INNOVATE" or the "Company") (NYSE:VATE), a diversified holding company, announced today that the Company is amending the effective date for its 1-for-10 reverse stock split of the Company's common stock,
INNOVATE Corp. ("INNOVATE" or the "Company") (NYSE:VATE), a diversified holding company, announced today that the Company is amending the effective date for its 1-for-10 reverse stock split of the Company's common stock, par value $0.001 per share (the "Common Stock"). The reverse stock split will become effective at 5:00 p.m. Eastern Time on August 8, 2024, after close of trading on the New York Stock Exchange. Previously, the Company planned for the reverse stock split to become effective on August 2, 2024. The Company's Common Stock is expected to begin trading on a split-adjusted basis when the markets open on August 9, 2024, under the existing trading symbol "VATE".
The primary goal of the reverse stock split is to increase the per share market price of the Company's Common Stock to meet the minimum per share bid price requirement for continued listing on the NYSE. The reverse stock split was approved by the Company's stockholders at its annual meeting of stockholders held on June 18, 2024.