Invo Bioscience (NASDAQ:INVO) stock may appear to be rocketing higher on Friday, but it’s actually undergoing a reverse stock split.
Invo Bioscience has enacted a one-for-20 reverse stock split that went into effect this morning. That reverse stock split basically has it consolidating down every 20 shares of INVO stock into a single share.
Stockholders of Invo Bioscience will note that the company’s shares will continue to trade under the INVO ticker after the split. However, the CUSIP number for the company’s shares is changing to 44984F401.
Invo Bioscience notes that after the reverse stock split, it has 842,017 shares of INVO stock issued and outstanding. The company is also making a proportionate adjustment to its authorized shares so that it will have 6.25 million shares authorized.
What’s Behind the Reverse INVO Reverse Stock Split
Invo Bioscience underwent a reverse stock split to boost the price of its shares. Prior to this split, the company’s stock closed out Thursday at about 19 cents per share. That’s below the $1 minimum needed to remain on the Nasdaq Exchange. The reverse stock split puts its price above the $1 minimum and helps it avoid delisting.
Trading activity this morning has some 72,000 shares of INVO stock on the move. That’s still below its daily average trading volume of about 73,000 shares.
While INVO stock appears to be up more than 2,000% on Friday morning, its shares are actually only up 17.5% on a post-split basis.
Investors seeking more of the most recent stock market news will want to keep reading!
We have all of the hottest stock market coverage that traders need to know about on Friday! That includes the biggest pre-market stock movers this morning, the latest news concerning shares of Anheuser-Busch (NYSE:BUD) and more. You can find out all about these matters at the links below!
More Friday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- Anheuser-Busch Layoffs 2023: What to Know About the Latest Bud Light Job Cuts
- Housing Market Crash Alert: Is a ‘Bubble’ in Housing About to Burst?
On the date of publication, William White did not hold (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.
