Borqs Technologies (NASDAQ:BRQS) stock is falling on Tuesday as investors react to a reverse stock split going into effect today.
That reverse stock split has the company’s board of directors approving the consolidation of 12 shares of BRQS stock into a single share. Doing so increases the price of the company’s stock without affecting its market capitalization.
Borqs Technologies stock will continue to trade under the BRQS stock ticker following the reverse split. However, it will switch over to “G1466B145” as its new CUSIP number following the reverse split.
What’s Behind the BRQS Reverse Stock Split?
Investors will note that this reverse stock split comes after a warning from the Nasdaq Exchange last month. The exchange pointed out the low price of BRQS stock and warned that didn’t meet the minimum market value required for continued listing.
According to the Nasdaq, the company’s market value remains below $35 million. It’s possible this reverse stock split is part of its plan to increase its market value. Borqs Technologies has until March 13, 2024, to regain compliance.
BRQS stock is down 7.7% as of Tuesday morning after seeing larger falls earlier today. This comes with some 6,500 shares traded, as compared to its daily average of 87,000 shares.
Investors who are looking for even more of the most recent stock market news today are in the right place!
We’re offering up all of the hottest stock market stories worth reading about on Tuesday! A few examples include what’s happening with shares of Mobilicom (NASDAQ:MOB) and SuperCom (NASDAQ:SPCB) stock today, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the links below!
More Tuesday Stock Market News
- Why Is Mobilicom (MOB) Stock Up 49% Today?
- Why Is SuperCom (SPCB) Stock Up 82% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
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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.
