Taoping (NASDAQ:TAOP) is in the news Thursday after the company’s stock started soaring higher following actions to keep it trading on the NASDAQ.
The jump in price today for Taoping stock comes after announcing plans for a reverse-stock split yesterday. That split went into effect today and is behind much of the massive movement for the stock.
The Taoping reverse stock split took place on a 1-for-6 basis. The goal of this action was to push TAOP stock above the $1 price minimum that is required to trade on the NASDAQ stock market.
Taoping notes that its stock continues to trade under the TAOP ticker, but that it gets a new CUSIP number due to the reverse stock split. The company is also adjusting all outstanding options, warrants and other rights to purchase its stock to match the change.
Following the Taoping reverse stock split, the company has 7.3 million shares of TAOP stock issued and outstanding. The company also points out that the change doesn’t affect the total number of authorized ordinary shares.
Taoping has been struggling to push the value of its shares back above $1 for some time now. It first dipped below $1 back in May 2019 and hasn’t been able to claw back up to that price since. With the new reverse stock split in place, the company is easily clear of the $1 restriction as shares trade at around $9 as of this writing.
Other Taoping news today includes upgrades to its Taoping Smart Cloud Platform. The company is also launching the market, which will allow it to benefit from partnerships. The company is expecting to bring in a significant profit from the service fees for using the platform.
TAOP stock was up 351.1% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.