Etao International (NASDAQ:ETAO) stock is taking off on Wednesday after the company revealed plans for a reverse stock split.
According to the company’s press release, it’s moving forward with a reverse stock split that was approved by shareholders during a Feb. 16, 2024 meeting. This has it planning to consolidate 20 shares of ETAO stock into a single share.
The timing of the reverse stock split is a bit confusing and unclear in the company’s news release. The headline claims the reverse split will go into effect on March 25. However, the body claims several times that it will be on March 12, 2024, which is already past. The release also didn’t come out until after markets closed on Tuesday.
When the reverse stock split does happen, it will also trigger an increase in Etao International’s authorized share capital. These changes will affect its Class A and Class B shares.
ETAO Stock Movement Today
ETAO stock is experiencing heavy trading on Wednesday alongside the reverse split news. The company has more than 5 million shares traded as of this writing. That’s already well above its daily average trading volume of about 245,000 shares.
ETAO stock is up 148.8% as of Wednesday morning. The shares were down 70.7% year-to-date when markets closed on Tuesday.
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We have all of the hottest market happenings worth reading about on Wednesday! That includes the biggest pre-market stock movers this morning, as well as the latest earnings reports. All of that is ready to go at the links below!
More Wednesday Stock Market News
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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.
