Ault Alliance (NYSEMKT:AULT) stock is falling on Tuesday after the company provided investors with results from its annual meeting of stockholders.
Ault Alliance notes that the shareholder meeting resulted in all seven directors for its Board being approved by stockholders. Traders also approved Marcum LLP as the company’s independent registered public accounting firm.
Included in the shareholder meeting was a vote for a reverse stock split. Investors approved this at a rate of no less than one-for-five and no more than one-for-twenty-five. The Board gets to decide the ratio for the split.
AULT Stock Reverse Split Details
The Board immediately announced a reverse stock split following shareholder approval. The company is planning for a one-for-25 reverse stock split that will go into effect later today. That will see shares start trading on a split-adjusted basis starting tomorrow.
Ault Alliance notes that its shares will trade under the CUSIP number 09175M 507 following the split. The company says that there also won’t be any change in the percentage of ownership following the split.
News of the reverse stock split has some 3 million shares of AULT stock changing hands today. That’s still below its daily average trading volume of about 17.5 million shares.
AULT stock is down 19.1% as of Tuesday morning.
Investors looking for more of the latest stock market stories will want to keep reading!
InvestorPlace is home to all of the hottest stock market news worth reading about on Tuesday! That includes everything happening with Srivaru (NASDAQ:SVMH) stock, Phunware (NASDAQ:PHUN) stock and Rail Vision (NASDAQ:RVSN) stock today. You can find out more on these matters down below!
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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.
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