Infobird (NASDAQ:IFBD) stock is falling on Thursday after the customer engagement solutions company announced details of an upcoming extraordinary general shareholder meeting.
Infobird will hold this shareholder meeting on Feb.19, 2024. The main purpose of the meeting is to get shareholders to vote on plans for a reverse stock split.
The company’s Board of Directors wants approval from shareholders to enact a 1-for-8 reverse stock split. That would see the company consolidate every eight shares of IFBD stock into a single share. Doing so would increase the stock’s price without changing the stakes held by investors.
What’s Behind the IFBD Reverse Stock Split?
Infobird wants to enact this reverse stock split to regain or maintain compliance with Nasdaq listing standards. That includes keeping its shares above the $1 minimum required to remain on the exchange.
Infobird notes that when it published this filing on Tuesday, its shares were trading for 63 cents each. That puts it at risk of being delisted if the price doesn’t increase. That’s why it wants to consolidate shares and boost the price of IFBD stock.
IFBD stock is down 31.1% as of Thursday morning but investors will note it underwent a 115.9% rally during normal trading hours yesterday.
There are plenty of other stock market stories that traders will want to read about below!
We have all of the hottest stock market news that investors need to know about on Thursday! That includes everything happening with Revelation Biosciences (NASDAQ:REVB) stock, Kiora Pharmaceuticals (NASDAQ:KPRX) stock and Peloton Interactive (NASDAQ:PTON) stock today. All of that info is ready to go at the following links!
More Stock Market News for Thursday
- Why Is Revelation Biosciences (REVB) Stock Down 62% Today?
- Why Is Kiora Pharmaceuticals (KPRX) Stock Up 39% Today?
- Peloton (PTON) Stock Trades Higher on Stabilizing Revenue and Memberships
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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.
