Beachbody (NYSE:BODY) stock is falling on Wednesday after the health and wellness company shares underwent a reverse stock split yesterday.
That reverse stock split saw the company consolidate fifty shares of BODY stock into a single share. The split went into effect after markets closed on Tuesday and will have shares trading on a split-adjusted basis when markets open today.
The reverse stock split affects both Class A and Class X shares of BODY stock. After the split, there are now 3.56 million shares of Class A stock and 2.73 million shares of Class X stock.
Mark Goldston, executive chairman of Beachbody, said the following about the reverse stock split.
“While the execution of our robust turnaround plan will put us on the right path to regain compliance with the NYSE’s minimum closing price requirements and drive long-term shareholder value, we believe that instituting a reverse stock split is the most appropriate action at this time to address the uncertainty regarding our listing.”
BODY Stock Movement on Wednesday
Shares of BODY stock are falling 10.2% as of Wednesday morning. That comes as some 26,000 shares of the stock change hands during pre-market trading. Investors will note that the company’s daily average trading volume is closer to 9,000 shares.
There’s plenty more stock market news that traders are going to want to read about below!
We’ve got all of the hottest stock market news investors need to know about on Wednesday! A few examples include why shares of Wheeler Real Estate IT (NASDAQ:WHLR) and AgileThought (NASDAQ:AGIL) stock are up today, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the following links!
More Wednesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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