Jin Medical International (NASDAQ:ZJYL) stock is on the move Thursday as the wheelchair and other living aid products company’s shares undergo a split.
According to a filing with the Securities and Exchange Commission (SEC), shares of ZJYL stock are undergoing a 1-for-20 stock split. This was approved by the company’s shareholders in a meeting last month.
It makes sense that ZJYL would see some staggering movement today alongside the stock split news. That split initially made it appear that the shares had fallen roughly 95% during pre-market trading. However, markets caught up to the news and the split was taken into account.
How This Affects ZJYL Stock
A stock split increases the total number of shares available on the market by splitting them into multiple shares. This can be done by a company as a way to entice new investors by lowering the price of its shares. It does so without affecting the company’s market capitalization.
For example, ZJYL stock closed out trading on Wednesday at $217.01 per share. After the split, the stock is currently trading for about $13.50 each. That’s a much lower entry point compared to its prior price and could attract a new wave of investors.
ZJYL stock is up 20.7% as of Thursday morning.
Investors looking for more of the most recent stock market stories are in luck!
We’re offering coverage of all the hottest stock market news for Thursday! A few examples include what’s happening with shares of CCSC Technology (NASDAQ:CCTG), Hitek Global (NASDAQ:HKIT) and the biggest pre-market stock movers this morning. You can learn more on these matters at the links below!
More Thursday Stock Market News
- Why Is CCSC Technology (CCTG) Stock Up 107% Today?
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
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.
