Cosmos (NASDAQ:COSM) stock is on the move Friday as the healthcare company undergoes a name change and a 1-for-25 reverse stock split today.
The name change saw the company moving from the Cosmos Holdings name to its new Cosmos Health name. The name change went into effect today after shareholders voted in favor of it during a meeting on Dec. 2.
As for the reverse stock split, that also went into effect this morning. This saw the company consolidate down 25 shares of its stock into a single share. This was also voted on at the Dec. 2 meeting and approved by the Board of Directors yesterday. That also saw its CUSIP number change to 221413-305.
What’s Behind These Changes in COSM Stock?
The name change was made to better show what the company’s all about. The previous Cosmos Holding name didn’t convey the company’s focus on healthcare offers in the same way that the new Cosmos Health name does.
And the reverse stock split was one of necessity. The company’s shares were trading below the minimum price required to remain on the Nasdaq. This resulted in it consolidating its shares to regain compliance with the $1 minimum.
With today’s news comes heavy trading of COSM stock as some 34 million shares change hands. That’s a massive spike next to its daily average trading volume of about 2.2 million shares.
COSM stock is down 52.5% as of Friday morning.
Investors can find more of the latest stock market news at the following links!
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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.